CAIRO, June 28,2018 (MENA) - Finance Minister Mohamed Maait has said the government is committed to free float stakes in state-owned companies on the stock market soon. "The ministry has taken all required measures to kick off a programme for initial public offerings (IPOs), which was scheduled to begin this month," he said in a statement on Thursday. He said the ministry "is coordinating with all the ministries concerned" to select the optimal timing for launching the programme. The programme is expected to give momentum to the country's economy and boost the investment climate. In May, the government announced plans on floating shares of four to six governmental companies in the sectors of petroleum, industry and petrochemicals on the Egyptian Exchange. The value of the floated shares is estimated at LE15 billion (around $842 million)-LE18 billion. Earlier in March, the government named 23 state-owned companies for the IPO programme to raise LE80 billion.
