CAIRO, May 6 (NNN-MENA) – Egypt has finalised deals worth six billion U.S. dollars, under its programme to sell stakes in state-owned companies, the government announced, yesterday.
The announcement came in a cabinet statement, following a meeting chaired by Prime Minister, Mostafa Madbouly, to review progress of the asset sale programme, often referred to as the “IPO programme.”
Since the initiative began, 21 deals have been completed across 11 sectors, the statement said, citing a review presented during the meeting attended by the central bank governor and relevant ministers.
Egypt announced in Feb, 2023, plans to list 32 state-owned Egyptian companies on the Egyptian Exchange (EGX) and also offer them to strategic investors, as part of efforts to boost the private sector and secure foreign currency.
Madbouly emphasized the programme’s goals, include increasing private sector participation in the economy, attracting more investment, broadening the ownership base on the stock exchange, and helping the state meet its financing needs, according to the statement.
He added that the government remains committed to implementing its State Ownership Policy document, which guides the strategy for reducing the state’s footprint in certain economic sectors and encouraging private investment.– NNN-MENA
