Cairo - Mubasher: The Egyptian government has agreed on the first steps of its initial public offering (IPO) programme.

Prime Minister Moustafa Madbouli met with the Governor of the Central Bank of Egypt (CBE) Tarek Amer, and the ministers of finance, social solidarity, petroleum, transportation, public sector, and other officials to discuss the public offerings of five government-owned companies, namely, Alexandria Mineral Oils, Eastern Company, Alexandria Container and Cargo Handling, Abu Qir Fertilizers and Chemicals, and Heliopolis For Housing and Development.

The meeting discussed the offerings percentages, and the next phases of the programme, according to an official statement issued by the Council of Ministers on Tuesday.

Madbouli stressed that the agreement comes in line with the President’s commands to go through with the IPOs, assuring the importance of sticking to the time schedule for the programme, to support governance, and vitalize the Egyptian Exchange (EGX) and its market value, to attract more foreign investments and diversify public income sources.