Egypt has resumed its initial public offering program to sell its stakes in state-owned companies, announcing 32 planned companies.
Starting from the first quarter of 2023, Egypt will hold IPOs for 32 state-owned companies to strategic investors via offerings on the Egyptian Exchange, and a mix of both, Prime Minister Mostafa Madbouly said in February.
Madbouly said that the IPOs will include companies from 18 sectors, selling stakes in companies within sectors such as banking, insurance, construction, energy, tourism, oil, energy, and petrochemicals.
“The whole goal is to increase the participation of citizens and the private sector in the development process and their management and participation in public institutions that have been owned by the state,” Madbouly said, adding that some of those state-owned companies would be sold on the stock exchange and others to strategic investors.
“Large investors will also participate in restructuring and expanding production lines of the companies while also increasing their capital,” he added.