Egypt seeks $ 4.6 billion through privatization program

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Egypt announced Sunday, March 18 the upcoming sale of its shares in 23 public companies. The objective is to raise $ 4.6 billion (£ 80 billion) through minority offers on the Cairo stock exchange.

Egypt announced Sunday, March 18 the upcoming sale of its shares in 23 public companies. The objective is to raise $ 4.6 billion (£ 80 billion) through minority offers on the Cairo stock exchange.

An action supposed to boost public finances and attract more investors to the Cairo Stock Exchange. The sale will involve interests ranging from 15 to 30% in the next two years, notes the Ministry of Finance in a statement

Among them are companies in the banking, oil and real estate sector, including the Cairo Bank, one of the largest banks in the country, the major oil companies Middle East Oil Refining (MIDOR) and Engineering for Petroleum and Process Industries (ENPPI). ), as well as Misr Insurance Company.

According to the Minister of Finance, Amr El Garhy, the first sale of participations will take place within two to three months, without specifying the company concerned.

It was in 2005 that the last stock market listing of public companies took place, when shares of Telecom Egypt and oil companies Sidi Kerir Petrochemicals and AMOC were issued.

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