IPO’s high com­mit­tee will look into first phase next month: Taw­fik

Phase in­cluded float­ing 23 com­pa­nies in bank­ing, chem­i­cals, petroleum, in­sur­ance sec­tors

The Daily News Egypt - - Business Automotive - By Ab­dul­razek Al-Shuwaikhi, Ahmed Farhat, and El-Hus­seini Has­san

Hisham Taw­fik, Min­is­ter of the Pub­lic En­ter­prise Sec­tor, said that the high com­mit­tee for the pro­gramme of govern­men­tal ini­tial pub­lic of­fer­ing (IPO),will be held next month, to re­view the lat­est de­vel­op­ments in the pro­gramme, and to con­sider mov­ing for­ward with the first phase.

“First, we have to work on fin­ish­ing the first phase of the pro­gramme, then to con­sider the other stages,” he told Daily News Egypt,dur­ing his par­tic­i­pa­tion in the Egypt Au­to­mo­tive Sum­mit.

He added that there was no in­ten­tion to amend the pric­ing de­ci­sion, is­sued by the Coun­cil of Min­is­ters to com­pa­nies listed on the stock ex­change, and there is no need to float the com­pa­nies at a spe­cific time.

On the pos­si­bil­ity of float­ing the EasternTobacco Com­pany be­fore the end of the year,Taw­fik said,”Ev­ery­thing is pos­si­ble. Maybe be­fore the end of the year, and maybe not.”

The Coun­cil of Min­is­ters is­sued a de­ci­sion to price com­pa­nies listed on the stock ex­change, at 10% plus or mi­nus the av­er­age share price in the pre­vi­ous month, be­fore con­tract­ing with a bookrun­ner.

The gov­ern­ment has al­ready an­nounced the first phase of the IPO pro­gramme of state-owned com­pa­nies. The phase in­cluded float­ing 23 com­pa­nies in the sec­tors of bank­ing, chem­i­cals, petroleum, and in­sur­ance.

The pro­gramme was sched­uled to be­gin in Oc­to­ber with EasternTobacco and four other com­pa­nies, but mar­ket de­clines have de­layed the process.

Hisham Taw­fik, Min­is­ter of the Pub­lic En­ter­prise Sec­tor

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