Cairo — Mubasher: Egypt's state-run initial public offering (IPO) programme is to be begun next March, a government official at the committee responsible for the IPO scheme said.

The committee, in collaboration with investment banks participating in the state-run IPOs, is considering the opportune time for the share sales, Enterprise reported on Thursday, citing the official.

A two-firm consortium comprising of EFG Hermes and Citibank won a deal to lead-manage the addition share offering of Alexandria Container and Cargo Handling.

In the same vein, CI Capital- Renaissance Capital alliance would manage the offering of a further stake in Abu Qir Fertilizers.

The official said that the committee has adjusted the list of public sector firms scheduled to be floated in the second phase of the government’s IPO programme.

He noted that the share sale of a 4.5% stake in Eastern Co has been topping the state-run IPOs, which await the improvement of market conditions.

EFG Hermes manages the additional offering of Eastern Co, the official noted, adding that the Egyptian investment bank is watching the market closely until the Egyptian tobacco firm’s stock hits its target price.