29 state-owned companies, 3 banks to be offered for sale: PM

Thirty two state-owned companies, including three banks and two companies (Wataniya and Safi), will be offered on the stock exchange or to a strategic investor over the course of a year.

This will inevitably cover 18 sectors and economic activities, Egyptian Prime Minister Mostafa Madbouly  announced, in a press conference, Wednesday.

Madbouly announced that the government is preparing different scenarios for the Egyptian economy, with the help of experts.

This is within a framework time period of two years, in light of the extended repercussions of the Russian-Ukrainian crisis.

Madbouly said 25 percent of these companies will be offered for sale within six months, which is an important step.

This is to be achieved in coordination with investment banks and specialized companies.

The Egyptian Prime Minister stated that three banks will be up for sale also including Banque du Caire, the United Bank, and the Arab African International Bank, in coordination with the Central Bank of Egypt.

Along with being listed on the stock exchange there is expectation that other companies will be offered listed on the stock exchange as well. This will happen after the 32 companies are sold.

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