Cairo – Mubasher: Egypt is looking to allocate around EGP 30 billion in proceeds from selling additional shares in five state-run firms that represents the first phase of the government initial public offerings’ (IPOs) programme, public sector minister Hisham Tawfik said.

The IPOs will take place in late September to December, Masrawy reported, citing Tawfik.

The five firms are Eastern Co, Alexandria Container and Cargo Handling Co, Heliopolis Company for Housing and Development, Alexandria Mineral Oils Co (AMOC), and Abu Qir Fertilizers, Tawfik highlighted.

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.