CAIRO: Egypt will list four public sector oil companies on the Egyptian Exchange (EGX) in the coming period, Youm7 quoted Investment Minister Ashraf Salman Monday.
Speaking at the American Chamber of Commerce, Salman said the details of the initial public offerings (IPOs) for the four companies would be announced within two weeks, without identifying the names of the companies or further details.
State-owned Misr Fertilizers Production Company (MOPCO), an affiliate of Egypt’s oil sector, submitted a request to the list on Egyptian Exchange (EGX) in March with a 2.3 billion EGP ($300 million) capital.
MOPCO’s list request “is a sign of the government’s intention to capitalize on finance opportunities provided by the stock market,” the EGX stated.
The EGX management is continuing its efforts with government bodies to list more state-owned companies in the Egyptian market, added the statement.
In 2014, Egypt’s stock market listed 13 new companies, with capital totaling 1.9 billion EGP, 10 times 2013’s achievement, EGX Chairman Mohamed Omran said in an interview with Youm7 and The Cairo Post in February.
Additional reporting by Medhat Adel