EXCLUSIVE- The government completed a census of state-owned companies, which market watchers consider to be one of the most important steps yet in the state’s privatization program and a move that will shape the pipeline of IPOs that is said to hit the EGX in the coming weeks or so.

Investors like clarity and transparency (no guesswork), and that’s what the government is trying to give them. Think of the census as more than a headcount. It’s a signal to the market. The state is putting its cards on the table. And after years of mixed signals, this is exactly the kind of groundwork that can turn talk of privatization into real IPOs.

A government document seen by EnterpriseAM shows that as of the end of August, the state owned 561 companies across 45 government entities. The census, which has not yet been made public, will anchor the updated State Ownership Policy Document and guide decisions on which companies will be offered to investors as minority stake sales and IPOs.

Why it matters: The census comes just as the government is putting the finishing touches on a package of tax and regulatory incentives designed to boost liquidity in the EGX ahead of the next round of listings. Measures under discussion include a full tax exemption on IPO proceeds, broader exemptions for investment funds, and clearer rules on stamp duty for residents and non-residents. The package — expected to be finalized by month’s end — would amend the Investment Law, the Income Tax Law, and Law 30/2023.

The IPO pipeline is building: Banque du Caire and military-owned Safi and Wataneya are expected to be among the first to list before the end of 1Q FY 2025-2026, likely ahead of the IMF’s fifth and sixth program reviews in October. Food manufacturer Silo Foods, fuel retailer Chill Out, and the National Roads Company could follow before year-end or in 1Q 2026, depending on market conditions. All five are currently being restructured in preparation for listing.

What the census shows:

  • The state holds 75% or more in 257 companies, 50-75% in 41 firms, and about 25% in 69 companies;
  • Some 364 companies are profitable, compared with 78 loss-makers and 14 that broke even;
  • Another 105 companies are still completing financials. Profitable firms are concentrated in those with authorized capital of EGP 500 mn or more;
  • Manufacturing dominates with 175 companies, followed by administrative and support services (77), transport and storage (50), financial services and ins. (49), real estate (48), and wholesale and retail (42);
  • Who holds what: The Public Enterprises Ministry tops the list with 146 companies (110 profitable). The Planning Ministry’s National Investment Bank controls 85, while the housing and supply ministries each have 44. The Transport Ministry has 41, Civil Aviation Ministry 39, Oil Ministry 37, Finance Ministry 31, and Electricity Ministry 25. The ICT Ministry holds just seven.

The bigger picture: With the census complete, the government is moving from planning to execution. The updated program is set to focus on minority stake sales via the EGX, with offerings of 10-40% in selected firms, and only a limited number of strategic transactions. Officials are targeting around USD 3 bn in proceeds this fiscal year, down from an earlier USD 5-6 bn target, as they work to deepen the local capital market, attract fresh flows into equities, and signal seriousness to international partners, including the IMF.

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