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Tuesday, 7 June 2016

Ittihadiya directs government to let NI Capital manage state-owned companies’ flotation

NI Capital, a subsidiary of the National Investment Bank, will manage the listing of state-owned companies on the EGX after Ittihadiya directed the Investment Ministry to reach an agreement with it, sources told Al Mal. The list of companies NI Capital is due to bring to the market has not yet been made public, and Al Borsa says NI Capital will be in charge of bringing in outside advisors to run the actual transactions. Investment Minister Dalia Khorshid will meet with NI Capital later this week to work out a framework for the IPOs, said the minister said at a Sunday press conference, Al Mal reports. This would be the first concrete confirmation that IPOs of state-owned companies will go ahead, despite reports that the policy was being resisted by the public enterprise minister.

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