Egypt to delay sale of state company shares until Sept

Egypt will delay the planned offering of shares on the stock exchange of a number of state companies until after the summer vacation, Public Enterprise Minister Hisham Tawfik told Reuters on Saturday. The government had planned to offer shares in four to six companies in the fiscal year ending next month, but the minister said the sales would now begin in September, without giving details.

The government had planned to offer shares in four to six companies in the fiscal year ending next month, but the minister said the sales would now begin in September, without giving details. Egypt has been searching for foreign exchange since Russia's invasion of Ukraine prompted investors to pull billions of dollars out of its treasury markets, leading the central bank to devalue the currency by 14% on March 21.