Egypt’s government plans to complete the first stage of the IPO programme in which it offers additional stakes in state-run companies before the start of Ramadan in May, according to the Minister of Public Enterprises Hisham Tawfik. The companies that are going to be offered are Alexandria Containers & Cargo Holding, Abou Kir Fertilizers & Chemical Industries and Heliopolis Housing. The government expects to raise between USD14-16bn in the first phase of the programme. The second stage of the programme will include four to five companies, and is expected to be completed by the final quarter of 2019.