Listing government-owned companies on the Egyptian bourse is contingent on the results of restructuring these firms, the country’s public enterprise minister Hisham Tawfik said on Sunday. The ministry is currently restructuring public-enterprise companies in several sectors including contracting sector, Tawfik added during the fifth session of the ‘Builders of Egypt’ forum.
The restructuring plan aims to improve the efficiency of companies and enhance asset management.
In March, the minister revealed that the second phase of the state’s initial public offering (IPO) programme will include between six to seven companies and is scheduled to be launched in Q4-19.
The government selected 23 state-owned companies for the government share sale programme, including 14 companies implementing their IPOs for the first time.
The total value of the offered shares is expected to reach about EGP 80 billion with market capitalisation of about EGP 430 billion.