Egypt slates four banks for privatization
The Egyptian Ministry of Public Enterprise (MPE) has initiated preparatory steps towards the privatization of the Export Development Bank of Egypt (EDBE) in which the state currently holds a 75.6 percent stake, reported Al-Alam Al-Yaum.
The government also plans to divest its 91.9 percent holdings in Trade and Development Bank (Togareyoun). Alexandria Commercial and Maritime Bank, in which the states holds a 54.9 percent equity, is also slated for privatization, as are 84 percent of Al-Shams Housing and Development and the 17.8 percent stake in Suez Cement.
Established in 1991, the MPE is the government ministry entrusted with implementing Egypt’s long-term privatization program. Responsible for all reform aspects of public enterprises, MPE carries out privatization and restructuring efforts as well as handling labor and legal issues.
In an effort to promote private enterprise, MPE seeks to transfer state-owned companies to the private sector through the sale of company shares to the public on the Stock Exchange and/or to employees, or by means of sales to anchor investors. — (menareport.com)
© 2002 Mena Report (www.menareport.com)