Egypt looks to restart privatization push with five new EGX filings

The government submitted listing documentation for five state-owned firms to the EGX, which are currently undergoing a review by the Financial Regulatory Authority, a senior government official tells EnterpriseAM.

The proposed listings include a 30-40% stake in El Nahda Industries and an expected stake of up to 20% in Egyptian Ferroalloys Company, alongside stakes in El Nasr Glass, El Nasr Mining, and Alexandria Co. for Refractories, according to our source.

Why this matters: With the country’s Extended Fund Facility (EFF) arrangement with the IMF nearing its end, the Fund is pushing for tangible divestment progress in its last two remaining reviews. To unlock the remaining USD 3.3 bn from the remaining two tranches from the EFF, along with an additional inflow from the Resilience and Sustainability Facility, the Madbouly government signaled in the Fund’s latest country report that privatization is back on the agenda, including a pipeline of four state-owned asset sales expected to generate USD 1.5 bn by June.

Egypt is looking to temporarily list 20 state-owned companies this month that the state is looking to list or exit as part of its plan to generate USD 3-4 bn in divestment revenues by the end of 2026 and USD 6 bn by the end of the next fiscal year.