Cairo: Egypt's Investment Ministry on Wednesday said it had selected a consortium led by CI Capital to act as lead managers and bookrunners for the initial public offering of state-owned oil company ENPPI.

The consortium includes Jefferies International Limited and Emirates NBD Capital Limited.

Egypt plans to embark on its first sale of shares in a state-owned company in 12 years.

It aims to raise up to $150 million from the stock market listing of Engineering for the Petroleum and Process Industries (ENPPI) in the first of a series of planned public offerings.

"The ENPPI IPO is only the beginning of a pipeline of state-run companies to offer minority shares publicly over the next year," Investment Minister Sahar Nasr said in a statement.

The government would retain majority stakes in these enterprises while helping via the IPOs to increase the size and liquidity of Egypt's stock market, the minister said.