Money market awaits government IPO programme

Money market awaits government IPO programme

The Egyptian money market awaits the government IPO programme after the Cabinet announced the 32 companies to be offered through either public offering or to a strategic investor.

Prime Minister Mostafa Madbouly said in a statement on Saturday that the government aims to collect $2bn from the government offering programme before the end of next June.

He pointed out that a unit will be formed to manage the government propositions programme to speed up the pace, provided that an advisor to the Prime Minister is appointed to manage the government propositions programme with an agreement with an international consultant to assist the government in the programme.

Madbouly explained that the sovereign fund is negotiating with investment agencies to implement the offering programme, while CBE is preparing the banks to be offered.

He pointed out that the fund is preparing more than 10 companies affiliated with the armed forces to include them in the offering programme, in addition to Wataniya and Safi.

Yasser El-Masry, managing director of the Arab African International Securities (AAIS), said that the market is ready to start implementing the government offering programme. He pointed out that offerings for a strategic investor will not benefit from the Egyptian Stock Exchange, and only public