Arab Finance: Egypt’s Prime Minister Mostafa Madbouly chaired a meeting to review the Ministry of Petroleum and Mineral Resources’ plan to list a number of state-owned companies on the Egyptian Exchange (EGX), with procedures now underway to temporarily list 10 petroleum sector firms, as per a statement.
The meeting was attended by Minister of Petroleum and Mineral Resources Karim Badawi, along with senior government officials. It forms part of broader state directives to expand private sector participation in economic activity under the State Ownership Policy document.
Madbouly said the government is preparing several petroleum companies for both listing and temporary listing on the exchange, a move aimed at improving performance, enhancing competitiveness, and attracting investment. The plan aligns with Egypt’s initial public offering (IPO) program, a key execution tool within Egypt Vision 2030 to increase private sector involvement and improve the efficiency of state-owned assets.
Badawi outlined that the ministry’s strategy focuses on restructuring management approaches within selected companies to capitalize on recent sector growth and convert it into liquidity to support future expansion. He noted that companies chosen for listing are financially strong and capable of attracting foreign investment.
He added that listing on the Egyptian Exchange would allow these companies to access diversified financing tools and a broader investor base, including individuals, institutions, and investment funds. Daily trading activity, he said, would also provide a reliable market-based indicator of company performance, supporting mergers and acquisitions that strengthen operational capacity.
The minister noted that the listings are expected to attract institutional investment flows and support Egypt’s balance of payments, while improving governance through stricter disclosure and oversight requirements. The move also offers alternative funding channels beyond the state budget and borrowing.
During the meeting, officials reviewed the companies being prepared for temporary listing. Hashem El-Sayed said the process is designed to enhance governance of state-owned enterprises, with temporary listing to be followed by fair valuation. He noted that six companies have already been listed in recent days, receiving positive feedback from the market.
