Egypt to list 24% shares in state-owned Enppi, Minister of Petroleum says
The government has approved listing 24% share of state-owned company Engineering for the Petroleum and Process Industries (Enppi) on the local stock market, Petroleum Minister Tarek el-Molla said. NI Capital will evaluate the fair value of Enppi ahead of starting IPO process, the Minister added. Enppi was established in 1978, with a paid-in capital of USD220mn. The state-run Egyptian General Petroleum Corporation (EGPC) is the principal shareholder owning 97% of the total shares. Earlier, El-Molla said the government was assessing some state-owned petroleum companies for their suitability for a possible listing on the Egyptian stock market or share issuances, adding that planned IPOs would take place before end of current financial year.
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