Egypt’s Sovereign Wealth Fund working on a pre-IPO work plan

Egypt’s Sovereign Wealth Fund working on a pre-IPO work plan

Minister of Planning and Economic Development Hala El-Said revealed on Tuesday that a sub-fund has been established within the Sovereign Fund of Egypt, through which the shares that are scheduled to be presented to the IPOs committee will be prepared.

The minister added that the subsidiary fund was established to prepare shares that will be offered in the IPOs committee, and that the first shares that will be managed are the shares of an investment bank in a number of affiliated companies for the public sector.

Sources closely related to the file told Daily News Egypt (DNE) that the Sovereign Fund of Egypt is working on developing a work plan for the IPO Fund and a list of the companies to be offered is currently being drawn up, as well as the shares in question, and the timetable for seizing the favourable opportunities in the market to complete the offerings with the best evaluation. The sources confirmed that the fund has already completed a list of some assets that will be included in the fund to be presented to strategic investors.

The sub-fund aims to prepare government-owned companies for offering on the Egyptian Exchange (EGX), as the government previously announced that it aims