The spokesman for the Egyptian Cabinet Nader Saad announced consensus among the government members to start the procedures for offering the “Wataniya” and “Safi” companies through the offering advisor on Wednesday as part of the IPOs program.
This took place during a meeting on Sunday, and was attended by Prime Minister Mostafa Madbouly, with the aim of following up the executive steps of the government’s IPO program that was previously announced.
The meeting was attended by Tarek el-Molla, Minister of Petroleum and Mineral Resources, Hala al-Saeed, Minister of Planning and Economic Development, Mohamed Moait, Minister of Finance, Mahmoud Esmat, Minister of Public Business Sector, Ahmed Samir, Minister of Trade and Industry, and Ayman Soliman, Executive Director of the Sovereign Fund of Egypt.
In the details of the ministerial agreement, the offering advisor will soon communicate with the investors and make available the data of the two companies.
The offering process aims to maximize the value of the two companies and attract investors from the local or foreign private sector.
This comes after completing the preparation process for offering the two companies, which is supervised by the Sovereign Fund of Egypt.
Saad also indicated that it was also agreed, through the committee concerned with following up the IPOs program, to offer four other major companies through international investment banks.