Egypt's Army to Offer Shares of 2 Subsidiaries to Strategic Investors
Published December 22nd, 2020 - 10:00 GMT
The two companies, owned by the army’s National Service Projects Organization NSPCO, are the National Petroleum Company — which has a network of petrol stations across the country — and the National Company for Producing and Bottling Natural Water and Olive Oils (Safi). (Shutterstock)
Highlights
In an interview with Egyptian TV, the minister added that the shares of the two companies may be offered at first to strategic investors, with the remaining percentages sold in an initial public offering.
Egyptian Minister of Planning and Economic Development Hala Al-Saeed said that the army is planning to put up two of its subsidiaries for sale at some point during the first quarter of the new year, in a move aimed at increasing the participation of the private sector in the economy.