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Tuesday, 15 November 2016

Gov’t to set timeline for IPO of state energy companies this month

The Investment Ministry and NI Capital will complete evaluating state energy companies which will list in the EGX and setting the timelines for their IPOs this month, said Oil Minister Tarek El Molla. Five companies will be chosen as part of the first wave of energy companies, El Molla added, without naming them. He had previously named Middle East Oil Refinery (MIDOR) and Egyptian Ethylene and Derivatives Company (Ethydco) as being among the companies which will list 20% of their shares. Already-listed Sidi Kerir Petrochemicals Company (Sidpec), Alexandria Mineral Oils Co. (AMOC), and Misr Fertilizers Production Company (MOPCO) will raise additional capital through the listing of more shares. As we noted yesterday, President Abdel Fattah El Sisi had instructed the government to set a concrete timeline for the IPOs.

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