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 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 to offer shares in government-owned companies. CEO of Egypt’s Sovereign Fund Ayman Soliman said in previous statements that the pre-IPO fund will provide investment opportunities worth hundreds of millions of dollars for these major funds, which will reflect on Egypt’s benefit from entering foreign investments quickly, coinciding with the presence of shareholders who maximise the value of the fund. He added that Egypt has reached an agreement on a positive IMF loan for the money market, but the market needs more extensive measures.

Source: Daily News Egypt September 07, 2022 19:24 UTC