Arab Finance: The government’s planned initial public offering (IPO) program does not include the listing of armed forces-linked companies on the Egyptian Exchange (EGX) this year, Hashem El Sayed, assistant prime minister and head of the State-Owned Companies Unit, told Al Arabiya.
El Sayed noted that the IPO program has so far included the registration of 30 companies on the EGX, including 10 petroleum companies.
He added that the updated State Ownership Policy (SOP) document will be issued before June 30th, after completing its review and discussion with the ministries, concerned authorities and civil society institutions.
In previous remarks, El Sayed stated that 40 companies would be transferred to the Sovereign Fund of Egypt (TSFE) as part of the government's efforts to optimize the utilization of state-owned assets.
Prime Minister Mostafa Madbouly has been following up on the IPO program that aims to maximize the economic value of state-owned assets and ensure sustainable returns generated from these offerings, which will positively impact the national economy.
For her part, the International Monetary Fund (IMF) Communications Director Julie Kozack addressed Egypt’s privatization strategy, affirming that it is “very important for reducing the state's footprint in the economy and supporting private sector-led growth in Egypt.”
