"Narrative Summit" Releases 2025 Recommendations to Cement Egypt's Position as a Global Tourism Destination    Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt urges Israel to accept Gaza deal amid intensifying fighting    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    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.



We plan to offer stakes in 8-10 state-owned companies by end 2019: Hesham Tawfik
Public offering of Eastern Company to start Sunday amid expectations of heavy demand
Published in Daily News Egypt on 02 - 03 - 2019

The government is studying listing stakes in eight to ten state-owned companies for IPO before end 2019, most probably in the last quarter of the year, Minister Public Enterprise Sector Hesham Tawfik told Daily News Egypt on Saturday.
The first stage of the government IPO programme was announced in March 2018 with the aim of strengthening the Egyptian capital market and attracting more liquidity to the EGX.
However, it was postponed in October 2018 due to the emerging markets crisis and global market volatility.
The programme will also see shares offered in Alexandria Container and Cargo Handling Company, Abu Qir Fertilisers and Chemicals Industries Company, and Heliopolis Company For Housing and Development.
Tawfik informed Daily News Egypt, that the authorities target EGP 16bn from the Abu Qir Fertilisers, and Alexandria Containers stake offering.
On Friday, Tawfik announced the resumption of a programme to sell stakes in state-owned Egyptian companies by offering 4.5% of shares of Eastern Tobacco Company on the Egyptian Exchange (EGX).
"The private placement has been snatched by Arab and institutional investors, who accounted for almost 85% of the shares offered, while foreign investors acquired the other stake," a senior company source told Daily News Egypt.
The public offering of the company will begin on Sunday 3 March, and end on 5 March, the minister added. Tawfik stated that the private placement accounted for 95% of the total offered shares.
The Chemical Industries Holding Company announced the offering of 4.5% of the shares of Eastern Tobacco to the stock market, with 95% in a private offering, and 5% for public offering.
The minister confirmed that the IPO will take place from Sunday to Tuesday.
The government announced in September 2018 that it is working on a programme to offer shares of dozens of its companies over the next three to five years in sectors such as oil, services, chemicals, shipping, marine services and real estate, to help support the state's public finances.
The last public offering of state-owned companies was in 2005 when shares of Telecom Egypt, AMOC and Sidi Kerir Petrochemicals Company were sold.
The buzz around IPOs in Egypt is growing louder, with more companies announcing plans for share sales.
They join a growing line-up in what could prove the busiest year for new listings in Cairo since the 2011 uprising that ousted President Hosni Mubarak.


Clic here to read the story from its source.