{"id":624315,"date":"2018-09-05T04:01:39","date_gmt":"2018-09-05T04:01:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/05\/state-privatization-program-to-kick-off-in-october-maait-says\/"},"modified":"2018-09-05T04:01:39","modified_gmt":"2018-09-05T04:01:39","slug":"state-privatization-program-to-kick-off-in-october-maait-says","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/05\/state-privatization-program-to-kick-off-in-october-maait-says\/","title":{"rendered":"State privatization program to kick off in October, Maait says"},"content":{"rendered":"

<\/a> ** #2 The state privatization program is on track to kick off in October, <\/strong>Finance Minister Mohamed Maait told the press yesterday, Al Mal reports<\/a><\/u>. Two already-listed companies will sell additional shares on the EGX next month, Maait added, with three others set to follow before the end of the year. The government is hoping to raise as much as EGP 25 bn from the five stake sales, with net proceeds to state coffers on the order of EGP 10 bn, according to Maait<\/a><\/u>.<\/p>\n

Phase two of the program is also on track<\/strong>, with five other state-owned companies scheduled to tap equity markets starting in 1Q2019, Maait also said. He stopped short of naming the companies in question, adding that the final list is still under study and that market conditions would dictate the decision. Sources had previously told us<\/a><\/u> that Banque du Caire would be among the first to IPO and had plans to float up to 30%. Bank Chairman Tarek Fayed said yesterday<\/a><\/u>, however, that the size of the offering and specific date have yet to be set.<\/p>\n

Background: <\/strong>We had reported on Monday<\/a><\/u> that state-owned investment bank NI Capital would select next month the manager for the listing of additional shares from Eastern Company and Alexandria Minerals and Oils Company, which are expected to pilot the privatization program alongside Heliopolis Housing, according to the timeline<\/a><\/u> previously announced by Public Enterprises Minister Hisham Tawfik. EFG Hermes, Pharos, and HSBC are among those being considered<\/a><\/u> to quarterback the transactions. Alexandria Container and Cargo Handling and Abu Qir Fertilizers are also expected to float additional shares in the first phase of the privatization program.<\/p>\n","protected":false},"excerpt":{"rendered":"

** #2 The state privatization program is on track to kick off in October, Finance Minister Mohamed Maait told the press yesterday, Al Mal reports. Two already-listed companies will sell additional shares on the EGX next month, Maait added, with three others set to follow before the end of the year. The government is hoping […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-624315","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"586d8816-6145-44b5-9012-28351eb17062","order":"0","is_powered_by":true,"section_story_id":"c477fda5-d01a-47d5-9f1f-38fc193ffcc5","story_type":"1","photo_url":"","photo_position":"above","related_issue":[624308],"teaser":"","voice_url":""},"yoast_head":"\nState privatization program to kick off in October, Maait says - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2018\/09\/05\/state-privatization-program-to-kick-off-in-october-maait-says\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"State privatization program to kick off in October, Maait says\" \/>\n<meta property=\"og:description\" content=\"** #2 The state privatization program is on track to kick off in October, Finance Minister Mohamed Maait told the press yesterday, Al Mal reports. Two already-listed companies will sell additional shares on the EGX next month, Maait added, with three others set to follow before the end of the year. 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