The Egyptian government plans to hold an initial public offering (IPO) of the state-held company Engineering for the Petroleum & Process Industries (ENPPI) during the fourth quarter of 2017. This is the first time in 12 years that the Egyptian government launches an IPO programme of a state-owned company. Egypt aims to raise US$150m from the stock market listing of ENPPI and has selected a consortium led by CI Capital, Jefferies International Ltd. and Emirates NBD Capital Limited to act as lead bookrunners during the IPO process.
The government also plans to hold a larger IPO programme in the 3-5 years to come and stakes of several state-run companies will be offered. Egypt is in a very difficult situation and has recently increased the domestic fuel prices by 50% in order to meet the terms of a US$12bn International Monetary Fund (IMF) bailout loan deal which was signed in 2016. Upon completion, the whole IPO process is expected to bring US$276m - US$387m to the Egyptian economy for 2017-2018.
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