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4 to 6 state-owned companies to sell LE 15 to18 bn stakes at EGX by June

Four to six Egyptian governmental companies will start selling LE 15 to 18 billion stakes at the Egyptian bourse as of June till the beginning of 2019, according to a report by a ministerial committee.

The companies operate in the fields of petrochemicals, petroleum and industry, the report said.

The report was tackled during a meeting chaired by Prime Minister Sherif Ismail and attended by the ministers of petroleum, trade, finance, planning and public enterprise.

The meeting tackled means of issuing a decision regulating the selling of shares of state-owned companies at the Egyptian bourse.

The plan aims at activating the bourse within the framework of the economic reform program and securing needed funds for expanding these companies .

The plan is also meant to magnify state asset revenues as well as investment flow in addition to encouraging citizens' investment at the bourse.

The government has previously announced  plans to sell stakes of 23 state-owned companies to raise LE 80 billion within 24 to 30 months.

The list of companies included some companies already traded on the exchange and others that will hold an initial public offering.

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