Egypt to list military-linked companies says PM

The Egyptian government will reveal plans next week to list military-affiliated companies on the local stock exchange, prime minister Mostafa Madbouly has said.

Local media reports said three to four companies will be listed on the Egyptian stock exchange. No company names were given.

The listings will attract investment and promote economic development, he said at a press conference.

Two years’ ago, Madbouly outlined a plan to list more state-owned companies, including several companies affiliated with the Egyptian military.

In December 2023, the prime minister said the privatisation programme had generated $5.6 billion from the sale of complete or partial stakes in 14 state-owned entities.

He said that the International Finance Corporation was conducting preliminary studies to potentially include 50 additional state-owned companies under its initial public offering (IPO) programme.

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The finance minister Ahmed Kouchouk has indicated plans to raise between $2 billion and $2.5 billion from its state-owned enterprise privatisation in the fiscal year 2024/25, Daily News Egypt reported.

In March, Egypt secured an expanded $8 billion loan from the International Monetary Fund after agreeing to implement a set of reforms and policies. including pushing for more private involvement in the economy.

Last month, Fitch Ratings raised Egypt’s credit rating by one notch to ‘B’, citing a series of positive economic developments.