Egypt's financial advisor NI Capital is expected to reveal the name of the banking winner for the state-owned Enppi's planned initial public share offering in early June. "NI Capital is likely to announce the investment bank that wins a mandate on Enppi's listing of 24 percent of shares on the country's bourse by early next June." a senior source with knowledge told Amwal Al Ghad. Beltone Financial Holding and Prime Holding are among investment banks seeking to win a role in Enppi's IPO, which should be complete between 6-9 months. Egyptian presidency announced in early January 2016 that Egypt would offer shares of "successful" state-owned companies and banks on the local bourse – its first public offering of government-owned firms since 2005, when it offered shares in Telecom Egypt, AMOC, and Sidi Kerir. Enppi was established in 1978, and is currently working under the Egyptian Investment Law 8 for 1997, with a paid in capital of $220 million. The state-run Egyptian General Petroleum Corporation (EGPC) is the principal shareholder owning 97 percent of the total shares. Enppi is a major engineering and EPC contractor that provides full integrated engineering, procurement, construction supervision, and project management services for oil and gas, chemical, petrochemicals, power sectors and other related industries in Egypt, Middle East, North Africa, and South America. "We seek to complete selecting the consultant for the listing between four and six weeks.' Ashraf Ghazaly, chief executive of NI Capital, told Amwal Al Ghad in recent statements.
