The Egyptian government intends to offer shares in distinguished hotels to investors in the Egyptian Stock Exchange during the coming period.
According to Arabiya Net, the Egyptian Cabinet discussed offering stakes in some distinguished hotels affiliated with Egoth, provided that procedures are followed up with specialized companies.
The official spokesman for the Council of Ministers, Ambassador Nader Saad, revealed that in the meeting it was indicated that there are international investors and investment funds that have already submitted offers in this regard.
Saad said that coordination is underway between the ministries of planning and economic development and the public business sector regarding the offering procedures, and the evaluation process for these hotels is currently underway.
And the Egyptian Prime Minister, Mostafa Madbouly, held a meeting, on Sunday evening, to follow up on the developments in the process of offering stakes in some hotels owned by the Ministry of Public Enterprise Sector.
Madbouly said that holding this meeting comes within the framework of following up the steps that are being implemented with regard to preparing to offer shares in a number of distinguished hotels, as well as the procedures that have been taken regarding the evaluation of these hotels, as well as the studies that are being conducted on offering shares in them, especially in light of the progress of more than An agency with requests for dealing with a number of hotels affiliated with the Ministry of Public Business Sector.
The Egyptian government is seeking to restore the government offering program, which has been suspended more than once. It aims, through the program, to enhance the levels of liquidity in the Egyptian Stock Exchange, raise the value of trading, and transform the Egyptian capital market into an investment-attractive market.
A few days ago, the General Authority for Insurance and Pensions announced that it intends to invest in the government companies' offering program, which the government intends to implement during the coming period.
The head of the authority, Major General Gamal Awad, revealed that the authority will participate in the plans of the upcoming government proposals.
According to statements by the Minister of Planning and Economic Development, Dr. Hala Al-Saeed, the Egyptian government intends to raise about $6 billion during the current fiscal year from selling stakes in state-owned companies.
Al-Saeed said that the government's public offering program may include offering shares to the public, or selling consolidated shares to strategic investors, with the support of the Egyptian Sovereign Fund.
At the same time, the management of the Egyptian Stock Exchange is discussing with Raya Holding the listing of its subsidiaries.
A few days ago, officials of Raya Holding Company met with the head of the Egyptian Stock Exchange, Ramy El-Dakani, to discuss market conditions, as the company is looking forward to the initial public offering of the non-banking financial services company Aman Holding.
It is also studying the listing of Raya for Trade and Distribution on the Egyptian Stock Exchange.
