Egypt to offer shares in 4-6 state firms, aims to raise up to $850mn

CAIRO: Egypt will offer shares in four to six state companies this year seeking to raise between 12 billion and 15 billion Egyptian pounds ($680 million -$850 million), Finance Minister Amr El Garhy told Reuters on Monday.

The country plans to float shares in state oil company Engineering for Petroleum and Process Industries (ENPPI) in September, Garhy said.

The government owns vast swathes of Egypt's economy, including three of its largest banks - National Bank of Egypt, Banque Du Caire, the United Bank of Egypt - along with much of its oil industry and real estate sector.