Egypt started receiving offers from investors to buy shares of Wataniya and Safi companies, affiliated to the National Service Projects Organization of the Armed Forces, the CEO of the Sovereign Fund of Egypt Ayman Suleiman announced.
The IPO is expected to be completed within a few weeks, after which shares of the two companies will be offered on the stock exchange later.
Suleiman added that the Sovereign Fund of Egypt will raise its capital after the completion of the evaluation of the assets of the Misr Insurance Holding Company, which has recently been included under the Sovereign Fund of Egypt.
The company has huge assets which will double the size of the assets owned by the Sovereign Fund of Egypt, he said.
For the percentages in the companies that will be offered for sale, Suleiman stressed that no specific percentage has been identified so far, adding that investors have the right to apply for the purchase of any percentage in these companies.
According to Suleiman, the quality of the offered assets will be able to attract investors despite the current global crises.
He anticipates that 12 companies by the middle of 2023 will be included under the Sovereign Fund of Egypt before the IPO.
The fund has currently promotes eight companies for sale, he pointed out.