Cairo: Egypt will begin the procedures for offering stakes in five public sector companies, Prime Minister Mustafa Madbouly’s office said Tuesday, in an effort to boost growth and attract investment. The five companies that would see additional stakes offered are: Heliopolis Housing, Alexandria Mineral Oils Co, Abou Kir Fertilizers & Chemical Industries, Alexandria Container & Cargo Handling and Eastern Tobacco, the country’s biggest cigarette maker.
The announcement follows through on pledges by the government to sell stakes of as many as 20 public sector companies on the Egyptian exchange. Some of the companies, including the five named as part of the first phase, are already traded on the bourse. Officials hope the sales will bring in around 100 billion Egyptian pounds ($5.6 billion).