Govt. to list 3 to 4 armed forces companies in Egypt's IPO program

CAIRO - 4 December 2024: Prime Minister Mostafa Madbouly announced several significant developments aimed at enhancing economic growth in Egypt.

 

He revealed that 3 to 4 companies affiliated with the Armed Forces will be listed next week as part of the government’s IPO program. This program also includes the listing of companies in industrial and pharmaceutical sectors, aiming to attract private sector investment and stimulate economic growth.

 

This announcement comes as part of the Egyptian government’s plan to offer stakes in 32 state-owned companies by the first quarter of 2024. The plan includes companies affiliated with the Armed Forces and targets raising $6.5 billion by the end of 2024. 

 

The government aims to use these IPOs to increase private sector participation in the Egyptian economy, enhance governance and transparency in the management of state-owned companies, and improve their efficiency and competitiveness in both local and international markets.

 

The IPO program spans diverse sectors, including energy, transportation, and telecommunications, with the goal of revitalizing the Egyptian stock market and promoting transparency.