Egypt is preparing to offer government companies on the stock exchange, starting next September, as part of several measures taken by the state to boost investments and support the economy, after the Egyptian government planned to offer shares in 4-6 companies during the current fiscal year, which ends at the end of June/ next June.
Egyptian Minister of Business Sector Hisham Tawfik said that his country will start offering government companies on the stock exchange starting next September, noting that the companies’ offering has been postponed to September, after the end of the summer vacation period for investors, according to “Reuters”.
Tawfik stressed that this decision comes with the aim of reviving the Egyptian Stock Exchange, which was badly affected by the exit of hot money after the Ukrainian war, and pumping real investments into the Egyptian capital market through the participation of the private sector and the offering of some public sector companies.
Egyptian President Abdel Fattah El-Sisi assigned the government a few days ago to offer companies owned by the armed forces to the stock exchange before the end of this year, in addition to announcing a program for the private sector to participate in state-owned assets, with a target of $10 billion annually for a period of four years.
It is noteworthy that “Sisi” announced in 2019 that the armed forces should be allowed to sell shares of its companies on the stock exchange, along with other government companies that plans to privatize.
According to the World Bank, there are about 60 companies affiliated with the Egyptian army operating in 19 industries in Egypt, out of a total of 24 listed on the industry classification table.
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