Egypt posts record EGP629b primary surplus in 2024/25    EGP swings vs. USD in early Sunday trade    EGX launches 1st phone app    Egypt achieves record primary budget surplus of EGP 629bn despite sharp fall in Suez Canal revenues    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Resumption of production at El Nasr marks strategic step towards localising automotive industry: El-Shimy    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    United Bank achieves EGP 1.51bn net profit in H1 2025, up 26.9% year-on-year    After Putin summit, Trump says peace deal is best way to end Ukraine war    Egypt, Namibia explore closer pharmaceutical cooperation    Jordan condemns Israeli PM remarks on 'Greater Israel'    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    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.



Oil company IPOs to be held in Egyptian, international stock exchanges: El Molla
Published in Daily News Egypt on 14 - 11 - 2016

The Ministry of Petroleum and Mineral Resources introduced a list including eight petroleum and petrochemical companies to the Ministry of Investment and ICapital—a National Investment Bank company and coordinator of the IPOs programme—to be in charge of offering part of their shares or increasing their capitals through the Egyptian Exchange (EGX).
Minister of Petroleum Tarek El Molla told Daily News Egypt that they will complete the evaluation of the companies and their offering, and then determine the timing of the initial public offering (IPO) in the stock exchange, which will be traded in November.
He added that the IPO for oil companies will also be held in international stock exchanges, which will be determined by the assessment party for each company separately.
El Molla said in a previous statement that the list includes two companies, The Middle East Oil Refinery company (MEDOR) and Ethydco, to be initially offered in the stock market. ICapital will start evaluating these two companies in preparation for an IPO of 20%. The three other companies are SIDPEC, AMOC, and MOPCO, for which the ministry intends to expand its ownership base by increasing the offered share by 20%
He explained that these five companies are the first phase, and the second phase will include other companies.
The MEDOR ownership structure will be distributed as so: 78% to the Egyptian General Petroleum Corporation (EGPC), 10% to the Engineering Petroleum Process Industries (Enppi), 10% to Petrojet, and 2% to the Suez Canal Bank.
The Ministry of Investment started holding meetings in August to with representatives of the Ministry of Petroleum to list the ready companies for offering.
The IPO programme includes electricity companies and a source at the Ministry of Electricity said that the ministry will submit four companies for electricity production for an IPO.


Clic here to read the story from its source.