Back to the complete issue
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.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.