Arab Finance: Egypt has temporarily listed four state-owned companies on the Egyptian Exchange (EGX), including three from the petroleum sector, as part of the state's initial public offering (IPO) program aimed at broadening private-sector participation, as per a statement.
The four companies are Engineering for the Petroleum and Process Industries (Enppi), Egyptian Linear Alkyl Benzene (Elab), Petroleum Marine Services (PMS), and El Maamoura Company for Construction and Tourism Development, a subsidiary of the Holding Company for Tourism and Hotels (HOTAC).
Speaking at the ceremony, Deputy Prime Minister for Economic Affairs Hussein Eissa said the move represents another milestone in the government's IPO program, which seeks to maximize returns on state-owned assets, improve corporate efficiency and competitiveness, enhance management systems, and expand private sector participation.
For his part, Minister of Petroleum and Mineral Resources Karim Badawi said listing petroleum sector companies aligns with the state's strategy to maximize the value of public assets, increase private sector participation, and attract further investment into the energy sector.
Meanwhile, Assistant to the Prime Minister and CEO of the state-owned enterprises unit at the Egyptian Cabinet, Hashem El Sayed Hashem, said the government has completed the temporary listing of 20 out of the 30 companies announced under the state IPO program in recent months, covering both the public business sector and petroleum companies, paving the way for their future public offerings on the EGX.
The Chairman of the Financial Regulatory Authority (FRA) Islam Azzam said the inclusion of petroleum companies adds greater sectoral diversity to the Egyptian capital market, affirming the regulator's commitment to facilitating listing procedures and promoting governance, transparency, and disclosure standards in line with international best practices.
EGX’s Chairman Ahmed El Sheikh said the temporary listings would help expand the universe of listed companies, deepen market liquidity, create new investment opportunities, and reinforce the exchange's role in supporting the national economy.
