Egypt to offer shares of 20 state companies in 1.5 years

CAIRO – 18 March 2018: Egypt plans to offer shares 20 state companies in the next 1.5 years, 10 of which are already listed on the stock exchange, Prime Minister Sherif Ismail said on Sunday.

This comes as part of the state program to float some state-owned companies on the Egyptian Exchange under a five-year program announced in 2016 to attract investment and invigorate the stock market.

Ismail added that state companies’ investments in the stock market stand at 23 percent, aiming to increase them to 45 percent in the coming three years.

The Prime Minister said that the initial public offerings (IPOs) of state-owned companies will yield positive results.