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FinancialNews
14-03-23
Egypt begins proposing shares in 2 Armed Forces-possessed companies as part of privatization drive
(MENAFN) Egypt is going to begin methods on Wednesday to register two of its national army firms, Wataniya as well as Safi, on its share trade in an effort to additionally improve its private sector, as shown by an official cabinet announcement.
The method to propose these two firms reflects the administration’s initial move towards enforcing its declared programs of selling shares in more than 32 state-possessed firms by March next year.
The announcement pointed that “the procedures for offering the two companies, Wataniya and Safi, will start through the offering advisor next Wednesday, who will communicate with the investors,” and reveal the firms’ numbers to the public.
Wataniya, the national firm for trading and distributing petroleum outputs, and Safi, the national firm for bottling natural water are the two presently possessed by the Armed Forces' National Service Plans Agency.
Details about the offering process, whether it would be via a planned investor, stock exchange, or a mix of the two, were not stated.
MENAFN14032023000045014228ID1105771908
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