Egypt lines up four state-owned companies for privatisation

CAIRO: Egypt has granted four state-owned companies preliminary listings as part of the government’s privatisation programme, the cabinet said on Sunday.

Three are from the petroleum sector — Engineering for Petroleum and Chemical Industries (ENPPI), Egyptian Linear Alkyl Benzene Company (ELAB) and Petroleum Marine Services — while the fourth is Maamoura for Reconstruction and Tourism Development.

The preliminary listings are a prelude to offering stakes in the companies on the stock exchange.

The three petroleum sector companies’ capital totals $687 million, a separate petroleum ministry statement said.

Egypt has previously announced plans to list 30 companies on the country’s stock exchange as part of a divestment programme agreed with the International Monetary Fund (IMF). Investment Minister Mohamed Farid Saleh has said that four state-owned companies are expected to be listed before May 2027 and that the government had achieved or even surpassed targets for the IMF programme, such as the country’s fiscal deficit and primary surplus.