Egypt to relaunch government IPOs program on the stock exchange

The Egyptian government is preparing to relaunch its initial public offering program, coinciding with the call for the meeting of the Governmental IPOs Committee to convene next week, Egyptian Finance Minister Mohamed Maait told Asharq.

The Egyptian government intended to issue shares of 10 government companies on the stock exchange during the year, a plan that was put on hold following the Russian-Ukrainian crisis.

In March 2018, the Egyptian government announced plans to offer minority stakes in 23 companies on the stock exchange as part of an 80 billion Egyptian pound fund-raising program.

After 21 months, the Egyptian government offered only 4.5 percent of Eastern Tobacco Co. shares in 2019, along with a portion of the Egyptian Co. “e-finance” for Financial and digital investments.