Egypt to unveil IPO program details for state companies within 2 weeks

Egypt’s Prime Minister Mostafa Madbouly has announced the government’s intention to unveil the plan for offering state-run companies on the Egyptian Exchange (EGX) in 2023 within two weeks.
Madbouly, Asharq business reports, indicated that the Cabinet would soon reveal the names of the companies to be offered on EGX throughout 2023.
Egypt has been planning to list some of state-run companies on the EGX but the process has been hit by a series of postponements for the plan due to the unfavorable conditions of the market.
The Prime also revealed that the implementation of the IPO program comes in line with the government’s direction towards activating the State Ownership Policy Document, as well as promoting the role of the private sector and bolstering the securities market.
The privatization program also is aimed to attract foreign investments and to fund the deficit in the current account.
It is reported that Banque du Caire, a subsidiary of Banque Misr, will be listed on the Cairo-based stock market.