Cairo – Mubasher: Misr Insurance Holding Company’s extraordinary general meeting (EGM) approved to float stakes in two subsidiaries, namely Misr Insurance and Misr Life Insurance, on the Egyptian Exchange (EGX) within the framework of the government initial public offerings (IPOs) programme.

The government IPO programme aims at boosting the Egyptian bourse’s performance, attracting foreign investments, as well as raising market capitalisation, public business sector minister Khaled Badawi said.

It is worth noting that Egypt plans to free float 23 state-run firms on the EGX at a total market value of EGP 80 billion in the coming period.

The first phase of the government IPO programme includes selling shares ranging between 15% -30% in Engineering For The Petroleum & Process Industries (ENPPI), Egyptian Drilling Co, Middle East Oil Refinery (MIDOR), Assiut Oil Refining Co (ASORC), and Alexandria Mineral Oils (AMOC) on the Cairo bourse.

In the same vein, the finance ministry will carry out six IPOs for Sidi Kerir Petrochemicals (Sidpec), Value Creating Plastic and Rubber Products (ETHYDCO), Abu Qir Fertilizers, Egyptian Methanex Methanol Company, and ELAB - Egyptian Linear Alkyl Benzene Co (ELAB).

Meanwhile, the logistics services firms scheduled for going public include Port Said Container & Cargo Handling Co, Damietta Container & Cargo Handling Co, in addition to Housing & Development Bank, Bank of Alexandria, and Banque du Caire.