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Sunday, 8 July 2018

One step closer to the privatization program

One step closer to the privatization program? The committee tasked with managing the state privatization program will soon brief cabinet as a whole on where things stand, Finance Minister Mohamed Maait said in a statement. While the official Finance Ministry statement does not include a deadline, the local press is claiming that Maait said at a presser that announcement will be coming on this in two weeks. Sources in government had told us last weekthat the timeline’s big reveal is expected to come sometime this week. It’s part of a litany of preparations: Public Enterprises Minister Hisham Tawfik has ordered state holding companies to look into stock splits, Al Masry Al Youm reports, and the general assembly of the Chemicals Industries Holding Company’s (CICH) approved raising its capital to EGP 4 bn on Saturday, Ahram Gate reports. CICH is the parent company of Eastern Tobacco Company, which is set to pilot the privatization program with a 4% stake sale.

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