NI Capital Holding Company, the investment arm of the National Investment Bank, aims to offer two new companies for public offering as part of the government sponsored IPO program before the end of the first quarter, Mohamed Metwally, CEO and Managing Director told Amwal Al Ghad. NI Capital was mandated by the Egyptian Council of Ministers to prepare an IPO program that will see multiple state-owned companies listed on stock exchanges in Egypt and potentially abroad, he added. The program is aimed at reinvigorating capital markets in Egypt by offering stakes in promising state-owned enterprises to the public. The company is responsible for the overall strategy and mechanics of the IPO program and will award mandates to leading national, regional and global investment banks as appropriate to serve as global coordinators and book runners. Any initial public offering within the second phase of the government offering program has been postponed due to Coronavirus crisis which led to volatility in the global market. As part of the economic reform program, the government targets offering 15-30 percent of stakes in state-owned companies on the stock exchange (EGX) to increase funding to Egyptian companies, maximize the benefit from state assets, and attract local and foreign capital flows to Egypt.
