30% of Egyptian Drilling Company included in TSFE’s Pre-IPO Fund

30% of Egyptian Drilling Company included in TSFE’s Pre-IPO Fund

Egypt -Informed sources told Daily News Egypt (DNE) that the Egyptian General Petroleum Corporation (EGPC), which owns the Egyptian Drilling Company (EDC), signed swaps with the Sovereign Fund of Egypt (TSFE) to add a stake of up to 30% of the company’s shares to the portfolio of the pre-IPO fund. The sources added that the aim of its inclusion is to sell a share of the company to a strategic investor, as part of the government’s plan to sell a share of 32 companies in the government’s offering program, whether to strategic investors or a public offering. The sources indicated that the selling of the share is expected to be implemented in the fourth quarter of this year. Additionally, offering an additional stake in the company on the Egyptian Exchange (EGX) will be considered at a later stage. The EDC is one of the companies listed in the offering programme that the government announced months ago. The program includes companies in various sectors, including banking, petrochemicals, insurance, electricity, and energy. The sources added that the mechanism of the Pre-IPO Fund requires transferring a share from the government entity that owns the company to a separate portfolio in the Pre-IPO Fund