Cairo - Mubasher: The consortium of CI Capital, Jefferies International, and Emirates NBD Capital has been chosen as the investment bank to manage the initial public offering (IPO) of the Engineering for Petroleum and Process Industries (Enppi).
“The Ministry of Investment and International Cooperation, the Ministry of Petroleum and Mineral Resources and NI Capital announced on Tuesday that the consortium led by CI Capital, comprising of Jefferies International Limited and Emirates NBD Capital Limited was declared winner and its members to act as lead managers and bookrunners for the potential ENPPI IPO,” the Egyptian investment ministry said in an official statement.
The minister of investment and international cooperation, Sahar Nasr said, “We are keen to see the success of this IPO Program in broadening the ownership base in state-run companies through private sector participation, offered to both retail and institutional investors in Egypt and beyond.”
“The ENPPI IPO is only the beginning of a pipeline of state-run companies to offer minority shares publicly over the next year, while keeping majority stakes owned by the government in these enterprises, increasing the overall width and liquidity of Egypt’s’ stock market,” she added.
NI Capital, the sole advisor to the government on its IPO Program, received several bids from leading investment banks and consortia looking to manage the minority sale of ENPPI’s share, the statement noted.
This announcement marks the first real step in fulfilling the government’s sponsored IPO program. The IPO Program led by the Ministry of Investment and International Cooperation reflects the Government’s long term commitment to economic reform, it added.
With current economic conditions stabilizing, the IPO Program is set to draw local and foreign interest and encourage investment in multiple strategic industries and sectors with future potential for growth and prosperity as well as increasing the transparency, enhancing good governance and disclosure practices of the companies to be listed.
