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Egypt to initiate steps for listing two army companies

REUTERS/Aly Songol
Egypt’s Prime Minister Mostafa Madbouli said 32 companies would be floated on the Egyptian Exchange over the year

Egypt will begin procedures on Wednesday to list army companies – National Service Projects Organisation (NSPO) and National Company for Natural Water in Siwa (SAFI) – on the country’s stock exchange, the cabinet said in a statement.

“The offering process aims to maximise the value of the two companies and attract investors from the local or foreign private sector,” Egypt Today newspaper reported, citing cabinet spokesman Ambassador Nader Saad.

The statement added that four other companies would be listed, but it did not disclose their names. 

In February, Egypt’s Prime Minister, Mostafa Madbouli, said 32 companies would be floated on the Egyptian Exchange (EGX) over the year.

Listing companies on the stock exchange will be through a public offering or by selling a share to strategic investors, the prime minister said, noting that the offering of the current 32 companies will extend from the first quarter of this year until the first quarter of 2024.

At least eight companies will be offered in the first six months.

Reuters reported that Egypt is offering to sell a 10 percent stake in state-controlled Telecom Egypt, citing sources with knowledge of the offer.

The sale of state assets will be one of the first to buyers other than Gulf sovereign funds since President Abdel Fattah Al-Sisi, in April 2022, ordered the government to draw up a programme to attract $10 billion in “private participation” over each of the next four years.