Egypt plans IPO of state-run companies

Egypt will begin the process of offering two military-affiliated companies to investors on March 15, and is also planning to put forward another four large companies, the cabinet said.

Advisers will provide investors with the necessary information about fuel distributor Wataniya and water-bottler Safi, according to the statement. A committee that’s responsible for listing state-run firms will also offer four “large” companies to investors through international investment banks, it said without naming the companies.

The news comes as Egypt is working to move ahead on a sweeping economic reform programme key to helping the North African nation raise sorely needed hard currency amid a crunch sparked by Russia’s war against Ukraine.

The country of more than 104 million has already secured a $3 billion International Monetary Fund loan package, devalued the currency three times in the past year and is waiting for Gulf Arab allies to step up with billions of dollars more in investments. Though that money was previously pledged, little of it has trickled in.

Officials had unveiled a list of 32 state-run companies, including several banks, that would either be listed newly on the stock exchange, witness additional stake sales or be offered to strategic investors.

Additionally, authorities have said other companies not on the list, especially those they deem of high value, could also be offered.