Egypt to List Wataniya and Safi on Stock Exchange – Cabinet

The Egyptian Cabinet has approved the registration of the gas station operator “Wataniya” and the water company “Safi”, which are affiliated to the National Authority for Service Projects; in stock exchange.

In a statement to Reuters last May, Egypt’s Minister for Business, Hisham Tawfiq, said Egypt would postpone the planned offering of shares of a number of state-owned companies on the stock exchange until the end. investors summer vacation.

The Egyptian government planned to offer shares in between 4 and 6 companies in the current financial year, which ends at the end of June 2022, but the minister said the government would start offering public companies on the stock exchange. from next September, without going into details.

It should be noted that Ayman Soliman, CEO of the Sovereign Wealth Fund of Egypt, said in an interview with Bloomberg Al-Sharq, that the Egyptian government could focus on selling stakes in state-owned companies to private investors rather than on public offerings due to the current volatility of the financial markets.

Suleiman added that rising interest rates have created unfavorable conditions for new offerings, which “allows time to offer private equity to investors.”

The government plans to offer stakes in 10 state-owned companies and two military-owned companies to the Egyptian stock exchange this year as part of its plan to expand private sector participation in the economy.

The government has previously indicated that it may offer stakes to strategic investors, or through an initial public offering, depending on market conditions and the extent of individual investor appetite, and this comes also after the government announced a plan to increase private sector participation in the economy, after President Sisi announced the targeting The government is raising $10 billion a year over four years by selling off a set of assets owned by the state.

President Abdel-Fattah El-Sissi confirmed, earlier, that there are plans to list the new administrative capital company on the Egyptian stock exchange in the next two years, through the fund of the new administrative capital company. , which is expected to have a solvency of around EGP 100 billion in the form of cash in banks.

It should be noted that the Egyptian government was seeking to offer 23 state-owned companies to the Egyptian Stock Exchange, with a total value of up to 80 billion pounds, under the first phase of the public offering program, with a market value of up to 430 billion EGP, but it has been repeatedly postponed for several reasons. In particular, the consequences of the Corona virus.

About Barbara J. Ross

Check Also

ADI Stock: Is Analog Devices a Good Buy Before Earnings?

Analog Devices, Inc. (NASDAQ: ADI) is on a mission to bridge the physical and digital …