Egypt plans to take the first steps early next year (2022) toward selling a stake in the state company behind its new administrative capital project, in what could be its largest initial public offering. Not at all in the North African country.
The company's president, Ahmed Zaki Abdeen, said that the Administrative Capital for Urban Development, a joint project between the Egyptian army and the Ministry of Housing, was established to oversee the multi-billion project. of dollars.
Abdeen added: The Administrative Capital has very large assets and a large portfolio of land and projects.
He said in an interview with Bloomberg: We are in the planning stage now and can begin the procedures for selecting advisors and determining the size of the offering early next year. The largest in the history of Egypt.
Abedin indicated that the offering will take place on the Egyptian Stock Exchange and very likely in another international market as well, and continued: We are studying this option.
Last Saturday, President Abdel Fattah al-Sisi said the company had liquid assets of 100 billion Egyptian pounds ($6.4 billion) and up to 4 trillion Egyptian pounds in total. of assets.
Telecom Egypt conducted the largest initial public offering in Egypt in 2005 when it raised 5.1 billion pounds.
The new administrative capital is one of several mega projects that Sisi has launched since becoming president in 2014, as part of a broader effort to revitalize the economy.
