Wednesday, 21 June 2017 06:05
With an aim to raise US$150mn from an initial public offering (IPO), Egyptian government plans to sell 24 per cent stake of the state-owned Engineering for the Petroleum and Process Industries (ENPPI) on the domestic equity market
Egypt is looking forward to make this IPO programme successful to add value to the country’s economic development.
Privately managed NI Capital, Egypt’s state-owned financial consultancy, will evaluate the fair value of ENPPI before the end of 2017.
Ashraf Ghazaly, CEO of NI Capital, said that it expects to raise between US$100mn-US$150mn from the ENPPI’s IPO.
29 March, 2017
By Mahmoud Shaaban
Egyptian government has approved listing 24 percent share of state-owned company Engineering for the Petroleum and Process Industries (Enppi) on the local stock market, Oil Minister Tarek el-Molla announced Tuesday.
NI Capital, a financial company affiliated to the National Investment Bank, will evaluate the fair value of Enppi ahead of starting initial public offering process, the Egyptian minister added.
Earlier, El-Molla said that the government were assessing some state-owned petroleum companies for their suitability for a possible listing on the Egyptian stock market or share issuances, adding that planned IPOs would take place before the end of the current financial year.
