Arab Finance: Egypt is working on the preparation of around 50 state-owned firms to be offered under its initial public offering (IPO) program, in collaboration with World Bank’s International Finance Corporation (IFC), Prime Minister Mostafa Madbouly announced on July 11^th.

Madbouly emphasized that the government IPO program is 100% Egyptian, and is being implemented within the framework of the State Ownership Policy Document.

On June 18th, Egypt signed a five-year agreement with the IFC to act as its strategic advisor to the state’s IPO program.

The Egyptian premier also stressed that the country’s IPO program is not related to the International Monetary Fund (IMF) or any other institutions.

As for the previously announced 32 companies offered for sale under the state’s IPO program, Madbouly pointed out that the offering of about 25% of the stakes targeted to be offered in them has been already completed, with the remaining assets to be offered over the coming period.

In February, Egypt announced that it would offer stake in up to 32 companies for sale on the Egyptian Exchange (EGX), to strategic investors, or a mix of both.

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