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The first batch of temporarily listed government companies is expected to begin trading in 4Q this year, State-Owned Companies Unit head Hashem El Sayed tells EnterpriseAM. This marks the clearest timeline yet for when the state’s privatization push will move from a regulatory staging step to actual trading. The process starts once the companies finalize their fair-value studies and appoint offering advisors approved by the Financial Regulatory Authority (FRA), he adds.
The pipeline: Four more state-owned companies will temporarily list on the EGX next month, El Sayed notes, with the remaining petroleum companies to follow once their paperwork clears.
Every temporarily listed company has already received multiple acquisition offers, El Sayed says, explaining that staging the companies on the EGX before entertaining strategic bids requires them to meet the exchange’s financial-disclosure and transparency rules.
No more rigid quotas: The government is also dropping the rigid stake-sale models of the past. Offering sizes will no longer be capped at fixed percentages, he adds. Offering sizes will instead vary with market valuations and demand.
On deck, but not live yet
Four new names just got assigned an EGX ticker, bringing the government’s temporary listings roster to 20, including three petroleum companies and Al Maamoura, according to an FRA statement. Enppi, Petroleum Marine Services, and Egyptian Linear Alkyl Benzene Company (Elab) temporarily listed on the EGX yesterday, with FRA Chairman Islam Azzam pegging their combined book capital at around EGP 35 bn, while their fair value sits significantly higher.
IN CONTEXT- The move brings in three of the 10 petroleum companies the government committed to bring to market by end-June under its IMF program, clearing the runway for Petrojet and Midor to follow in July.
Rounding up the fresh batch: Al Maamoura, a subsidiary of the Holding Company for Tourism and Hotels (Hotac), was also temporarily listed, according to an EGX statement. Al Maamoura is the third of four Hotac subsidiaries due for a temporary listing, following Misr Travel and Egoth. The company listed 25 mn shares at a nominal value of EGP 10 each, under the ticker MMHC.CA.
