Cairo – Mubasher: The share sale of Engineering for the Petroleum & Process Industries (ENPPI) as part of the Egyptian government initial public offerings (IPOs) programme will reinforce the company’s competitiveness with major international peers. 

This IPO will widen the ownership base of Enppi in view of being one of the key channels that will provide a portion of the required financing, Egyptian petroleum minister Tarek El-Molla said in a statement.

The Egypt-based oilfield services provider has been chosen as the first state-run firm amid the government IPO programme to float a stake on the Egyptian Exchange (EGX) following adequate studies, the minister highlighted.

This came on the sidelines of Enppi’s annual general meeting, headed by the minister, to approve the company’s 2017 financial results.

In March 2018, the finance ministry announced that about 23 public sector firms will be listed on the EGX with a total value of EGP 80 billion as the first phase of the government IPO programme.