Egypt Studies 8 State-Owned Oil Companies for IPO or Share-Issuance

Reuters

Aug 2 (Reuters) - Egypt's Ministry of Investment will assess eight state-owned petroleum companies for their suitability for a possible listing on the Egyptian Stock Exchange or share issuances, Petroleum Minister Tarek El Molla told Reuters on Tuesday.

The Egyptian presidency announced in January that Egypt would soon offer shares of "successful" state-owned companies and banks on the local bourse - its first public offering of government-owned firms since 2005, when it offered shares in Telecom Egypt, AMOC, and Sidi Kerir.

"We sent the names of eight petroleum companies to the Ministry of Investment last week to be studied, paving the way to issuing some of their shares on the bourse or increasing their capital," El Molla said in a phone interview with Reuters.

"Among the names we are studying are Middle East Oil Refinery (MIDOR) and the Egyptian Ethylene and Derivatives Company (ETHYDCO), and we are considering a capital increase for companies Alexandria Mineral Oils Co. (AMOC), MIDOR, and Misr Fertilizers Production Company (MOPCO)."

The minister did not disclose the names of the remaining companies or the value and date of any planned initial public offerings.

The Egyptian government owns a large number of operating companies in various industries, including the Arab Contractors, Hassan Allam Holding, Engineering for the Petroleum and Process Industries (ENPPI), MIDOR, and Misr Insurance Company as well as several banks.

Some 270 companies are listed on the Egyptian stock market and the number of active investors is between 80,000 and 100,000.

(Reporting by Ehab Farouk; Writing by Lila Hassan; Editing by Alexandra Hudson)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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