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Egypt announces details of IPOs program in 2 weeks

Egypt’s government is set to announce within two weeks the details of the initial public offerings (IPOs) program of the state-owned companies on the Egyptian Stock Exchange.

Egyptian Prime Minister Mostafa Madbouly said in statements from the New Administrative Capital on Saturday that “The cabinet will announce a plan naming all the companies to be offered throughout the year 2023.”

Madbouly added that he previously discussed the revitalization of the Egyptian Stock Exchange.

He assured that in less than two weeks, the plan to offer government companies on the Stock Exchange will be announced.

During the press conference, he added that a number of international institutions have praised the Egyptian economy, pointing out that Standard & Poor’s has confirmed Egypt’s economic classification.

The upcoming announcement for IPOs plan comes after a series of postponements of the offering plan as a result of unfavorable market conditions.

It also comes as an implementation of the government’s direction to activate the state ownership document, make way for the private sector and revitalize the market.

On January 3, the annual report of the Egyptian Stock Exchange revealed the readiness of four government companies in preparation for program, including Banque du Caire, Misr Life Insurance, Egyptian Drilling, and Elab affiliated to the sector petroleum.

The stock exchange report anticipated that shares of eight companies will be listed and offered within the government offering program, which includes Enppi, Misr Insurance, Bank of Alexandria, Midor, Ethydco, and Assiut Oil Refining Company.

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