Egypt eyes $5.7 billion from state company IPOs

Egypt is seeking to raise up to 100 billion pounds ($5.7 billion) by selling stakes in more than 20 state-owned companies, including additional shares in market heavyweights Eastern Tobacco and Abu Kir Fertilizers & Chemicals.

Ten companies including the Midor refinery will see their shares floated for the first time and additional equity will be sold in others already listed on the Cairo stock exchange, the government said Sunday. The stakes offered will range from 15 to 30 percent and the sales will take place over the next 24 to 30 months. Shares of the listed companies climbed.

Egypt has been promising for two years to IPO stakes in state-run companies, part of an effort to boost the stock exchange and restructure bloated public-sector companies by making them accountable to investors. Egyptian officials have said the focus would be on financial and energy companies.