Egyptian cabinet spokesman Nader Saad on Wednesday announced consensus among government members to start the procedures for offering the companies “Wataniya” and “Safi” through the offering advisor as part of the IPO program.
This took place at a meeting on Sunday, in the presence of Prime Minister Mostafa Madbouly, with the aim of following up on the executive steps of the government’s previously announced IPO program.
The meeting was attended by Tarek el-Molla, Minister of Petroleum and Mineral Resources, Hala al-Saeed, Minister of Planning and Economic Development, Mohamed Moait, Minister of Finance, Mahmoud Esmat, Minister of Public Business Sector, Ahmed Samir, Minister of Trade and Industry, and Ayman Soliman, Executive Director of the Sovereign Fund of Egypt.
In the details of the ministerial agreement, the offering advisor will soon communicate with the investors and make available the data of the two companies.
The offering process aims to maximize the value of the two companies and attract local or foreign private sector investors.
This comes after completing the preparation process for offering the two companies, which is overseen by the Sovereign Fund of Egypt.
Saad also indicated that through the committee dealing with the follow-up of the IPO program, it has also agreed to offer four other large companies through international investment banks.