Egypt approves four state firms for privatization
Government advances IMF-backed reform program by preparing stakes in four state-owned companies for future stock market listings
CAIRO, Egypt (MNTV) – Egypt has approved the preliminary listing of four state-owned companies as the government moves ahead with its privatization program aimed at increasing private sector participation in the economy.
According to a cabinet statement, the companies selected include three operating in the petroleum sector — Engineering for Petroleum and Chemical Industries (ENPPI), Egyptian Linear Alkyl Benzene Company (ELAB), and Petroleum Marine Services — along with Maamoura for Reconstruction and Tourism Development.
The preliminary listings represent the first stage before the government offers shares in the companies on the Egyptian stock exchange.
The Ministry of Petroleum said the combined capital of the three energy-related firms stands at approximately US$687 million.
Egypt has pledged to list 30 state-owned companies under an economic reform and divestment program agreed with the International Monetary Fund (IMF), aimed at boosting private investment and improving public finances.
Investment Minister Mohamed Farid Saleh has said four state-owned companies are expected to be listed before May 2027.
He added that Egypt has met, and in some areas exceeded, key performance targets set under its IMF program, including goals related to the fiscal deficit and primary budget surplus.
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