Arab Finance: Prime Minister Mostafa Madbouly held a meeting with government officials to follow up on the progress of offering a number of state-owned firms on the Egyptian Exchange (EGX), including Armed Forces-affiliated companies, according to a statement.

These companies include the National Company for Petroleum Products Sales and Distribution (Wataniya), Silo Foods, ChillOut, and the National Company for Road Construction, Development, and Management.

The state IPO program aims to maximize the economic value of state-owned assets and ensure sustainable returns generated from these offerings, which will positively impact the national economy.

The meeting also tackled the updated State Ownership Policy (SOP) document, as officials confirmed that the new updates aim to continue strengthening the private sector’s contribution to sustainable economic growth, creating job opportunities, enhancing the competitiveness of Egypt’s economy, and improving the business climate.

Moreover, the meeting presented the government's efforts to prepare a comprehensive national program for inventorying, classifying, and governing companies. This program aims to boost the efficiency of state asset management mechanisms by deploying advanced governance models.

The International Monetary Fund (IMF) indicated last March that Egypt was expected to complete four major transactions for financial closure before the end of the SOP, generating $1.5 billion in proceeds. 

The government is currently preparing for the initial public offerings (IPOs) of eight state-owned companies on EGX in addition to listing 10 petroleum-sector companies.