There are preliminary studies, in cooperation between the International Finance Corporation (IFC) and the Egyptian government, to offer 50 state-owned companies, Madbouly added
Egypt achieved $5.6 billion through its initial public offering (IPO) program. This came from selling complete or partial shares in 14 state-owned companies, according to a statement by Prime Minister, Mostafa Madbouly.
There are preliminary studies, in cooperation between the International Finance Corporation (IFC) and the Egyptian government, to offer 50 state-owned companies, Madbouly added.
The IFC prepared a study for the next phase. This phase will prioritize 4 sectors, including management and operation of state-owned airports, telecommunication, banks, and insurance, the prime minister said.
Recently, Arab Company for Tourism and Hotels Investments (ICON), a Talaat Mostafa Holding Group subsidiary, finalized the acquisition 7 state-owned hotels in Cairo, Alexandria and Aswan with Egypt’s Initial Public Offering (IPO) program.
Egypt’s IPO program is a list of 35 state-owned companies that was offered in 2023 to strategic investors, the public offering on the Egyptian Stock Exchange, or both, to provide foreign currency, within the framework of a state-owned policy document.
The IPO program is one of state plans to solve the economic crisis and the shortage of hard currency by attracting more investors.
Earlier in August, the Cabinet's Information and Decision Support Center (IDSC) reported that the Egyptian government seeks to collect $5 billion by offering shares of some state-owned companies to strategic investors from October 2023 until the end of June 2024.
In July, Madbouly also revealed that Egypt targets $191 billion revenues in 2026, up from the current figure of $70 billion
