Egyptian ministry prepares for sale off of three firms

Published January 6th, 2003 - 03:00 GMT

Egypt’s Ministry of Public Enterprise (MPE) has issued an invitation for investment banking institutions to assist the imminent sell off of three state owned firms: Seamaf, Niazaa and Dying and Preparation company. Unicorp and the National Bank of Egypt (NBE) have already expressed interest in the idea, reported Al-Alam Al-Yaum.

The MPE is dedicated to achieving the long-term goal of implementing Egypt’s privatization plan, by handing over state-owned companies to the private sector through the sale of company shares on the Stock Exchange and/or to employees, or by means of sales to anchor investors. The privatization program is the cornerstone of Egypt’s economic reform program. — (menareport.com)