CAIRO — Egyptian Prime Minister Sherif Ismail announced July 3 that the government is discussing the necessary procedures for the sale of shares of some state-owned companies on the stock exchange, with Engineering for the Petroleum and Process Industries company (ENPPI) being the first, to be followed by several public sector companies and banks within the next two months.
This is Egypt’s first initial public offering (IPO) of a state-owned company in 12 years. In 2005, Egypt sold shares in Telecom Egypt, Alexandria Mineral Oils Company and Sidi Kerir Petrochemicals Company.