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English news

21-Mar-2018

Gov’t officials gives IPO Programme update

A number of government officials gave updates on the recently announced IPO programme. Al Mal News cited Finance Minister Amr El Garhy as saying that the 2018 offerings will include a chunk of the Bank of Alexandria and a 24% of Enppi. The issuances are expected to raise EGP12-15bn (USD680-850mn). He added that the timeline set for the state offerings is flexible and is prone to future amendments. In a separate statement, an unnamed EGPC official told the newspaper that Middle East Oil Refinery (MIDOR) would list at least 20% on EGX. The source added that the success of the programme will determine the government’s appetite for further IPOs from the sector. 

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