The Egyptian money market awaits the government IPO programme after the Cabinet announced the 32 companies to be offered through either public offering or to a strategic investor. Prime Minister Mostafa Madbouly said in a statement on Saturday that the government aims to collect $2bn from the government offering programme before the end of next June. Madbouly explained that the sovereign fund is negotiating with investment agencies to implement the offering programme, while CBE is preparing the banks to be offered. Yasser El-Masry, managing director of the Arab African International Securities (AAIS), said that the market is ready to start implementing the government offering programme. It should include the timing of each offering of the programme companies, especially that the talk about the offering programme started in 2016 until now.

Source: Daily News Egypt April 30, 2023 22:47 UTC