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Tuesday, 26 September 2017

Enppi expected to list by 1Q2018, first phase of IPO to take 18-24 months

IPO WATCH- Enppi expected to list by 1Q2018: The IPO of petroleum services outfit Enppi is expected to take place during 1Q2018, Investment Minister Sahar Nasr said yesterday, according to Reuters. The company is set to be the first of a number of state-owned companies to list on the EGX under the government’s IPO program. We had said yesterday that a government committee tasked with oversight of the program had rubberstamped the Enppi offering, which aims to raise USD 213-267 mn from the sale of a 24% stake. CI Capital, Emirates NBD, and Jefferies International have been tapped to advise.

First phase of state IPO program to span 18-24 months: The first phase of the IPO program is expected to take 18-24 months to complete, Finance Minister Amr El Garhy told the press on Monday, AMAY reports. The committee overseeing the program, which was reformed last week, is currently draft a priority-based timetable for the listings, which will not be restricted to a specific industry or sector, El Garhy added.

Separately, the Ismail Cabinet is expected to discuss the Finance Ministry’s planned eurobond issuances at its next weekly meeting, El Garhy said. The ministry is planning a EUR 1-2 bn sale for the end of 2017 and a USD 4-8 bn sale for 2018, we noted last week.

The statements came after a Cabinet economic group meeting yesterday, at which ministers decided to reimpose a ban on white sugar imports in what they said was a bid to continue encouraging “domestic industrial development” and curb imports.

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