Egypt to list 10 state-owned petroleum companies on stock exchange, Prime Minister Madbouly announces

Prime Minister Mostafa Madbouly has directed officials to finalize a timeline for the temporary listing of 10 government-owned petroleum companies on the Egyptian Exchange. This initiative, reviewed during a meeting chaired by Madbouly, aims to enhance company performance, boost competitiveness, and attract further investment. Petroleum Minister Karim Badawi stated that the listing plan seeks to modernize management, convert operational gains into liquidity for expansion, and attract foreign investors by selecting companies with strong financial standing. Listing these companies will provide access to diverse financing sources, including individuals, financial institutions, and investment funds. Badawi also noted that daily trading activity offers a transparent performance indicator, supporting future mergers, acquisitions, and operational efficiency. The move is expected to attract institutional investment, improve Egypt's balance of payments, enhance governance and disclosure, and offer alternative financing channels, thereby increasing confidence in the capital market. Hashem El-Sayed, Assistant to the Prime Minister and CEO of the State Ownership Unit, emphasized that a primary goal is to strengthen the governance of state-owned enterprises. He confirmed that petroleum sector companies will first be temporarily listed before undergoing a fair valuation process, adding that six companies have already been temporarily listed to positive reception from economic and investmen