Egypt Moving ahead with Privatization
The Egyptian government next week will start selling to strategic investors shares worth about $1.1 billion in 36 partially privatized companies, a government spokesman said Wednesday, quoted by The Associated Press.
Ali Bergham, a top aide to Public Sector Minister Mokhtar Khattab, the minister responsible for privatization, confirmed that the government will sell all its remaining shares in each company - many of them listed on the Cairo stock exchange. The government owns 30 percent to 40 percent stakes in the 36 companies, according to the agency.
“Prices in the stock market are extremely cheap at the moment and we hope that the bids for the companies will lift the prices up,” Bergham told Dow Jones Newswires.
“I expect the whole selling operation to take a couple of weeks,” Bergham was quoted as saying.
He added that the government would advertise the offers in local newspapers three days before bidding begins. The companies are mainly in the chemical, food stuffs, and housing industries. Among them are Paints and Chemical Industries, of Pachin, a big-cap on the 22-share EFGI index – Albawaba.com
© 2000 Al Bawaba (www.albawaba.com)