Investment Minister Dalia Khorshid spoke with Bloomberg’s Tamim Elyan and Abdel Latif Wahba, telling them the government is preparing to launch its IPO programme for oil-sector state-owned companies. The government aims to raise up to USD 10 bn within three to five years as part of the programme and will pick local and international investment banks to advise on the offerings. “Many companies will be restructured in the coming period, beginning with electricity companies, to prepare them for share sales on the bourse,” Khorshid said, noting that proceeds will be used partly to narrow the budget deficit. NI Capital is spearheading the IPO program for the state, Khorshid had said.

… NI Capital’s CEO Ashraf El Ghazaly told Reuters he expects Egypt “to privatise two or three state-owned companies via listings on the stock exchange in the first year of a privatisation programme.” El Ghazaly confirmed the timeline of the programme and that it will start with oil companies, adding that the listing drive will also include state-owned banks.