IPO WATCH- Government hopes to raise EGP 15-18 bn from first phase of privatization program between June 2018 and early 2019, petrochem companies first on the list: The government is hoping to raise as much as EGP 15-18 bn from the first phase of its privatization program this year, the Cabinet said in a statement yesterday. Phase one, set to run from June until early 2019, will see the government offer additional stakes and list new shares on the EGX of four to six state-owned enterprises in the petroleum and petrochemical industries. Prime Minister Sherif Ismail ordered the establishment of a new committee yesterday to oversee the program. Members include the ministers of investment, petroleum, trade and industry, finance, planning, and public enterprises. The committee will be responsible for setting the exact timeline for the listings after it reviews valuation studies conducted for the list of 23 companies the government intends to privatize.

This is the first official line on the program to be documented in writing. CBE Governor Tarek Amer said last month that Banque du Caire would IPO in late 2018 or early 2019, while Finance Minister Amr El Garhy had earlier said to expect the first companies to list shares by September or October. Oil outfit Enppi is expected to pilot the program. Expectations were also for Eastern Company to be among the first companies in the pipeline to offer additional shares for sale.