Egypt seeks to raise $5 billion from the offering of power plants and state-owned companies from October 2023 until the end of June 2024, according to a report on the Government IPO Programme by the Cabinet’s Information and Decision Support Center (IDSC).
The report, carried by Ahram Online, showed that Egypt plans to offer stakes in the Siemens Beni Suef power plant, Gabal El-Zeit wind power plant and Zafarana wind farm, in addition to Safi and Watanya, companies owned by the military.
The government announced that it collected $5 billion from offering stakes in 13 companies between March 2022 and July 2023. The North African country plans to offer stakes in 35 state-owned companies to strategic investors by the end of June 2024, under the State Ownership Policy Document.
A list of 32 companies was released in February 2023 and three companies were added to it later this year – Eastern Company, Al Ezz Dekhila, and Telecom Egypt.
In May, Egypt sold the first batch of Telecom Egypt shares in a deal valued at $121 million, reviving the government’s privatisation programme that had seemingly stalled due to inflation, interest rates and the exchange rate.
