As part of the government’s privatization initiative, Egypt has provided provisional listings for four state-owned enterprises, according to a statement released by the cabinet on Sunday. Engineering for Petroleum and Chemical Industries (ENPPI), Egyptian Linear Alkyl Benzene Company (ELAB), and Petroleum Marine Services are the three companies that come from the petroleum industry. Maamoura, which is responsible for Reconstruction and Tourism Development, is the fourth company.
To prepare for the offering of interests in the companies on the stock exchange, preliminary listings are taking place.A supplementary statement from the petroleum ministry stated that the combined capital of the three companies operating in the petroleum sector amounts to $687 million.
The Egyptian government has previously declared their intention to list thirty companies on the stock exchange of the country. This decision is part of a divestment program that has been agreed upon with the International Monetary Fund (IMF).
Mohamed Farid Saleh, the Minister of Investment, has stated that four state-owned enterprises are expected to be listed before May 2027. Additionally, he has stated that the government has accomplished or even beyond the benchmarks for the International Monetary Fund (IMF) program, which include the management of the country’s fiscal deficit and primary surplus.
Also Read:
Strategic Cultural Initiatives: Foreign and Culture Ministries Forge Collaboration
Global IT Failure Impacts McDonald’s Stores
