Egypt's Prime Minister Mostafa Madbouly chaired a meeting of the government offerings committee on Monday to review the progress of previously announced targeted company sales, with a focus on expediting the offering of four military-affiliated companies. The Prime Minister conveyed a directive from President Abdel Fattah Al-Sisi to expedite the offering process for the four military-affiliated companies. These companies, which include "Watanya," "Safi," "ChillOut Egypt," and "Silo," are among those earmarked for stock market launches by mid-2025, as previously stated by Madbouly on 11 December. The meeting, attended by several ministers and officials, including Central Bank of Egypt Governor Hassan Abdalla, Minister of Planning and Economic Development and International Cooperation Rania Al-Mashat, Minister of Electricity and Renewable Energy Mahmoud Essmat, and Minister of Finance Ahmed Kouchouk, included a review of executive actions taken by ministries and relevant agencies regarding the previously announced targeted companies, as well as preparations for offerings in additional sectors, according to Mohamed El-Homsani, the official spokesperson for the Prime Minister's office. The committee reviewed the latest developments concerning several companies currently being processed for sale. These include government plans to offer stakes in the Gabal Al-Zeit wind power station, Alamal Alsharif Plastics, Egyptian Group for Pharmaceutical Industries (EGPI), and MIDOR Oil Refinery as part of its ongoing privatization programme. The status of other companies being assessed with the Ministry of Public Business Sector was also on the agenda, as was the offering of stakes in several banks. Madbouly began the meeting by emphasizing the government's commitment to the ongoing government offerings programme. He stated that this program reflects the state's dedication to completing this important initiative, which is aligned with the "State Ownership Policy" document. This policy aims to strengthen the private sector's role in diverse economic activities, increase its contribution, and restructure certain state-owned assets. He also stressed that this meeting is a follow-up to the government's steps and procedures taken since announcing the offerings program for the coming year. Madbouly reiterated the program's importance in achieving the state's objectives and highlighted substantial opportunities for public sector companies, whether through public offerings on the Egyptian Stock Exchange or through strategic investors. He also underscored the need to broaden the range of companies offered by the ministry. On 11 December, Madbouly had announced Egypt's plans to list at least 10 companies on the stock market in 2025, with four of them being affiliated with the military. The government intends to offer both direct investment opportunities and stock market listings as part of a broader privatization initiative. The spokesperson emphasized that participants in the meeting reaffirmed the importance of accelerating the government offerings programme. Doing so will attract more investment flows, amplify the private sector's role in economic activity, and increase its contribution to public investments in the coming years.
