Markets

Egypt to announce listing of state-owned companies shortly

By Pramod Kumar

January 29, 2023

Borsa Istanbul announced a temporary halt to transactions in shares of several companies in the earthquake zone

Egypt’s cabinet will announce the country’s plans to list state-owned companies on the Egyptian Exchange (EGX) during 2023, Ahram Online reported, citing Prime Minister Mostafa Madbouly.

“In less than two weeks, the cabinet will fully announce the plan to offer all [mandated] companies on the Egyptian exchange in 2023,” he stated.

The step follows the recently launched State Ownership Policy Document that charts a roadmap to determine the state’s presence in economic activities and enhance the private sector’s participation in public investments.

The prime minister said the cabinet was discussing ways to activate the EGX and expand the participation of Egyptians in all public institutions.

The ownership document, approved in December, states that Egypt seeks to grant the private sector a more significant role in economic activities, increasing their contribution from 30 percent to 65 percent within three years.

Egypt offered the first state-owned company, Eastern Company, on the EGX under the IPO programme in March 2019.

The programme was halted due to the pandemic before it was resumed with the listing of payments firm e-finance on the stock market in October 2021.

In late December 2021, the cabinet said the country was planning to list shares of the three power plants, the newspaper said.