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Egypt postpones 2nd phase of privatisation programme to early 2020

Egypt postpones 2nd phase of privatisation programme to early 2020
The second phase of the programme include ten state-run companies

Cairo – Mubasher: Egypt’s second phase of state privatisation programme has been postponed from the planned date of September to January 2020, the country’s the public enterprise minister Hisham Tawfik told Enterprise.

“Some procedures have taken longer than expected,” Tawfik explained, noting that no initial public offerings (IPO) will be conducted until the end of the fourth quarter of 2019.

The second phase of the programme will see ten state-run companies floating on the EGX for the first time, he revealed, adding that the companies include eight industrial and mining companies, in addition to e-Finance and Banque du Caire.

The IPO committee has finalised the initial procedures to list shares of Alexandria Container and Cargo Handling Co., Abu Qir Fertilizers, and Sidi Kerir Petrochemicals (Sidpec) on the Egyptian bourse.

Tawfik will meet investment banks managing the offerings of companies next week to determine the size and timing of each offering.

In March, the Egyptian government sold an additional stake of 4.5% in tobacco producer Eastern Co. as part of the first phase of the IPO programme.