10 state-owned companies to list over the next three years

IPO WATCH- 10 state-owned companies will list under the government’s IPO program over the next three years, Investment and International Cooperation Minister Sahar Nasr said on Sunday, according to Al Mal. These companies will list 10-20% of their shares, which imply a cap of 20% on all state IPOs. The first of these companies to list, Enppi, appears to break with this mold as 24% of its shares will be listed. We had noted yesterday that state-owned Banque du Caire, which has been slated for an IPO, will cap its shares on offer at 20%.