More state-owned companies temporarily list on the EGX

Another batch of six state-owned companies received the greenlight to temporarily list on the bourse, according to an announcement from the EGX. Four companies will head to the main market — El Nasr Housing and Development, Sinai Manganese, Spring and Transport Equipment Manufacturing, and the Egyptian Contracting Company (El Abd). And two will join the SME market — National Asset Management & Investment Company and Al Ahly for Investment and Development (Norco).

This is the news we had last week: Head of cabinet’s State-Owned Enterprises Unit, Hashem El Sayed, told us last week that the state’s list of assets earmarked for EGX listing this fiscal year includes companies such as El Nasr Housing and Development, Sinai Manganese, and firms under the construction and tourism holding companies.

It’s the latest move in a wider privatization push that we’ve been told will see a total of30 state-owned players temporarily listed on the EGX by the end of the current fiscal year. Earlier this month, another six state-owned firms headed to the exchange.