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Tuesday, 4 July 2017

Enppi listing to kickoff state IPO program in two months

INVESTMENT WATCH – Enppi listing to kick off state IPO program in two months: It seems that a tentative deadline of September has been set for the IPO of state-owned Enppi, as Prime Minister Sherif Ismail announced that the listing will take place in two months’ time at a press conference on Monday, according to Youm7. The cabinet’s economic group had discussed the state’s IPO yesterday, where it gave a preliminary nod yesterday to a list of potential candidates for the program put together by state-owned investment bank NI Capital. The government is considering listing 49% of Banque du Caire, whose IPO will be managed by EFG Hermes and HSBC. The Middle East Oil Refinery (MIDOR), has also been slated for an IPO.

Ismail also announced that the revised executive regulations for the newly-issued Investment Act should be ready by August. The House of Representatives’ Economics Committee is currently reviewing the draft, which was unveiled last week, and intends to send its remarks back to the cabinet by Wednesday, Al Mal says. It’s worth noting that the cabinet does not need parliamentary approval to begin implementing the regs.

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