Minister of Public Enterprises Hesham Tawfik affirmed the government’s commitment to its IPO programme, as he noted that the timing of the offering will depend on the right price point for the stock, which should come in line with the agreed-upon pricing mechanism. Pricing is determined based on the average stock price for the month preceding the agreement with the investment bank (+/-10%). Tawfik also confirmed that there will be a fair representation for the private sector in the management of the companies enrolled in the programme, according to its new shareholder structure, noting that the programme is part of a wider plan to restructure state-owned enterprises (SOEs) and improve their profitability.