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Monday, 26 February 2018

NIB sends proposes addition of 13 companies to state’s IPO program

IPO WATCH- NIB proposes 13 new companies take part in state IPO program: The National Investment Bank (NIB) has sent the Finance Ministry a list of 13 of its subsidiaries that it is looking to enroll in the state’s IPO program, Planning Minister Hala El Said this week, according to Al Borsa. The minister did not name the companies, but NIB managing director Mahmoud Montasser said that the bank holds stakes ranging from 10-50% in each of the proposed companies, some of which it plans to exit entirely, while others will aim to raise capital to finance expansion plans. We have been hearing rumors that two Transport Ministry subsidiaries — namely the Alexandria Container & Cargo Handling and Damietta Container & Cargo Handling Company — would be joining the IPO pipeline, alongside the General Nile Company for Road Construction and the General Nile Company for Desert Roads. The state’s IPO program is set to kick off with the listing of energy firm Enppi, which has been pushed delayed several times, most recently to the end of 2018.

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