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Egypt To Float Up To Four Army-owned Firms: PM

The government has been under pressure to sell stakes in state-owned companies under a bailout package secured from the IMF.
08.12.24 | Source: Barrons

Egypt plans to float up to four military-owned companies on the stock market as part of a broader privatisation plan to attract investment and boost the economy, Prime Minister Mostafa Madbouly said on Wednesday.


The government has been under pressure to sell stakes in state-owned companies under a bailout package secured from the International Monetary Fund (IMF) in December 2022.



"As part of this plan, there will be an announcement about the offering of three or four military-affiliated companies which will be listed on the Egyptian stock exchange," Madbouly told a news conference in Cairo.


"No details will be disclosed until the announcement is made next week," he added.






Early this year, the IMF expanded its loan package from $3 billion to $8 billion to help Egypt manage its economic challenges amid regional instability.


Madbouly said that the initial public offerings that will be announced next week will also include state companies in the banking, industrial, pharmaceutical and investment sectors.


Last month, the IMF carried out a delayed review of the 46-month loan programme which ended without unlocking $1.2 billion in expected financing.






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