Egypt offers 32 companies on the stock exchange for the first time, including for the army

Egyptian Prime Minister Mostafa Madbouli announced that the government, with the help of experts, is preparing various scenarios for the Egyptian economy for the next two years in light of the spread of the consequences of the Russian-Ukrainian crisis.

And the Prime Minister announced today, Wednesday, during a press conference that 32 state-owned companies, including 3 banks and two companies (national and pure), will be offered on the stock exchange or to a strategic investor within a year spanning 18 sectors and types of economic activity.

Mostafa Madbouli continued: “25% of these companies will be offered within 6 months, and this is important, and we will aim to implement them with investment banks and specialized companies.”

The Egyptian Prime Minister stated that 3 banks would be proposed: “Cairo, United Bank and Arab African International Bank in coordination with the Central Bank of Egypt.”

He noted that this is the first time companies are offered on the stock exchange, including two companies affiliated with the National Service Administration to be offered, Safi and Wataniya, expecting other companies to be offered on the stock exchange after 32 companies.

Source: RT