Prime Minister reviews advances in localising e-chip, semiconductor industry    MSMEDA, EABA sign MoU to offer new marketing opportunities for Egyptian SMEs in Africa    SCZONE engages in inaugural New Development Bank forum    Blinken addresses Hamas ceasefire counterproposal, future governance plans for Gaza    Apple, 1st brand to break $1t threshold    EGX closes in green notes on June 12    Egypt's President Al-Sisi, Equatorial Guinea's Vice President discuss bilateral cooperation, regional Issues    Egypt's Higher Education Minister pledges deeper cooperation with BRICS at Kazan Summit    BRICS power emissions hit a record high in Q1    European stocks gain as investors await US inflation, Fed decision    US to widen sanctions on semiconductor sales to Russia    Matrouh receives EGP 17.3b for 23/24 development – minister    Gaza death toll rises to 37,164, injuries hit 84,832 amid ongoing Israeli attacks    Egypt's Water Research, Space Agencies join forces to tackle water challenges    Egypt supports development of continental dialogue platform for innovative health sector financing in Africa: Finance Minister    BRICS Skate Cup: Skateboarders from Egypt, 22 nations gather in Russia    Pharaohs Edge Out Burkina Faso in World Cup qualifiers Thriller    Egypt's EDA, Zambia sign collaboration pact    Madinaty Sports Club hosts successful 4th Qadya MMA Championship    Amwal Al Ghad Awards 2024 announces Entrepreneurs of the Year    Egyptian President asks Madbouly to form new government, outlines priorities    Egypt's President assigns Madbouly to form new government    Egypt and Tanzania discuss water cooperation    Grand Egyptian Museum opening: Madbouly reviews final preparations    Madinaty's inaugural Skydiving event boosts sports tourism appeal    Tunisia's President Saied reshuffles cabinet amidst political tension    Instagram Celebrates African Women in 'Made by Africa, Loved by the World' 2024 Campaign    Egypt to build 58 hospitals by '25    Swiss freeze on Russian assets dwindles to $6.36b in '23    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    Debt swaps could unlock $100b for climate action    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



NI Capital evaluates 5 oil companies to offer 20% of their shares on the EGX
The list includes Sidpec, AMOC, and MOPCO, while Petrojet may follow in the second phase

The Ministry of Petroleum and Mineral Resources provided a list of five companies to the Ministry of Investment and NI Capital—a subsidiary of the National Investment Bank and manager of the propositions programme—to begin procedures for offering the companies on the Egyptian Exchange (EGX).
Minister of Petroleum Tarek El Molla told Daily News Egypt that the five companies are Misr Oil Processing and Fertilisers Company (MOPCO), Sidi Kerir Petrochemicals Company (Sidpec), the Egyptian Ethylene and Derivatives Company (ETHYDCO), Alexandria Minerals Oil Company (AMOC), and Middle East Oil Refinery (MIDOR). All of these companies are planned to be offered during the first phase.
El Molla explained that NI Capital will begin evaluating the five companies to offer 20% of each of their ownership base or for expansion.
The ministry plans to expand ownership bases of companies already listed on the EGX, explained El Molla, such as Sidpec, AMOC, and MOPCO, through offering 20% of their shares on the market to increase their capital.
The minister pointed out that the five companies are listed for the first phase and that a second is likely to include Petrojet, he added.
The Ministry of Investment has held several meetings to discuss the proposition programme, where they met with representatives of the Ministry of Petroleum to shortlist a number of companies ready for such a move.
Minister of Investment Dalia Khorshid told Daily News Egypt that she will meet with officials in the banking and electricity sectors within days to discuss offering companies of both sectors on the EGX, following in the footsteps of oil companies.
She pointed out that public business sector companies are excluded from the programme in the current phase.
A government source, who requested to remain anonymous, said he expects NI Capital to begin offering companies on the EGX before the end of the year, noting that priority will be given to listed companies.
The programme of offering state-owned companies on the EGX is supervised by a committee that includes Khorshid, Finance Minister Amr El-Garhy, and the Central Bank of Egypt Deputy Governor Lobna Helal.
The chairperson of the Egyptian Financial Supervisory Authority (EFSA) said that the committee is studying the legal methods to carry out the government's exit from listed companies.
He added that these offerings would raise the market value of listed companies.

Clic here to read the story from its source.