IPO program
The bank expects to issue the shares on the EGX by Q4 2024, contingent on prevailing market conditions and the finalization of approval procedures.
The reorganization comes after Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat's call on October 3 to position the fund under the cabinet.
However, UNCTAD predicts a positive outlook for 2024, with expectations of increased investments. This growth is anticipated to be fueled by the Ras El Hekma deal and Egypt's Initial Public Offering (IPO) program.
This revised target is significantly lower when compared to the program's previous achievements, which amassed around $5.6 billion between April 2022 and the conclusion of last year
Egypt aims to enhance private sector participation in public investments to reach 65 percent in the coming years
The minister added that the winning bid will be announced within a month to six weeks, and revealed that there are three main companies competing to acquire a share of the national petroleum products company
Julie Kozack, Head of the IMF's Communication Department, spoke during a hybrid press briefing held on Thursday, welcoming the progress and emphasizing the significance of divestment in the Extended Fund Facility (EFF)-supported program
In a statement last week, the government announced that the Safi Water and Wataniya companies' database for petroleum product distribution has been opene
As early as this week, the company will begin a book-building process for institutional investors, with shares expected to be listed on the Egyptian stock exchange
President Abdel Fatah al-Sisi met on Sunday with Egyptian Prime Minister Sherif Ismail and Minister of Finance Amr El-Garhy.
