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Egypt plans to float 32 public companies, including 2 owned by the army

February 9, 2023 at 1:30 pm

Egyptian Prime Minister Mostafa Madbouly in Pretoria [MICHELE SPATARI/AFP via Getty Images]

Egyptian Prime Minister Moustafa Madbouly yesterday announced the government’s intention to put 32 companies on the stock exchange or to sell shares in them to major investors over the course of a year starting from the first quarter of 2023 until the first quarter of 2024.

Madbouly said this includes stakes in three prominent banks, Banque du Caire, United Bank of Egypt and Arab African International Bank.

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The list of companies that will be offered for the first time on the stock exchange or to a strategic investor includes two companies owned by the armed forces, namely Watanya Petrol and SAFI natural water, according to Al-Ahram newspaper.

This comes after Madbouly said earlier this month that the government hopes to announce a plan to offer shares in at least 20 companies for the first time. This is part of the country’s effort to expand the ownership base and attract foreign investments at a time when the country suffers from a lack of hard currency.

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