Egypt expects to 5-7b pounds from state IPOs
Egypt has been struggling to revive its economy since 2011 uprising
CAIRO
Egypt expects to raise 5-7 billion Egyptian pounds (Dh1.01-1.4 billion, $276-$387 million) through initial public offerings (IPO) of state-owned companies during the 2017-2018 fiscal year beginning in July, deputy finance minister Ahmad Kouchouk told Reuters on Tuesday.
That is lower than the 7.2 billion pounds the ministry in a draft budget for the 2017-18 fiscal year said it expected to raise through an initial public offering of Banque Du Caire.
Egypt has been struggling to revive its economy since a popular uprising in 2011 drove away tourists and foreign investors.
The last time state-owned companies were listed on the exchange was in 2005 when shares were floated in Telecom Egypt and oil companies Sidi Kerir Petrochemicals and AMOC.
