Egypt's Prime Minister reviews progress on state asset divestment program

The program aims to increase private sector participation, maximize returns on state assets, improve management, attract investments, and strengthen business confidence. The Prime Minister noted that 20 of the 30 companies announced under the government's initial public offering program have secured temporary listings on the Egyptian Exchange, with procedures underway for four more. These include 10 companies from the petroleum sector and 10 from the public business sector.

Temporary listing is the first step, followed by valuation studies, registration with the Financial Regulatory Authority, and final listing and trading. The government plans to begin registration of the first temporarily listed companies with the regulator before year-end. The Deputy Prime Minister for Economic Affairs discussed the institutional framework for implementing the State Ownership Policy, while the Investment Minister reviewed preparations for offering a stake in Misr Life Insurance.