The chairman of Engineering for Petroleum and Process Industries (Enppi) said that the company has received the approval to proceed with the required actions to list 24% of the company’s shares on the stock exchange.
Mohamed Hathout added in a statement on Tuesday that there is coordination with NI Capital to evaluate the fair value for the company’s stock.
Enppi has signed contracts for 62 projects, Hathout revealed in the presence of the minister of petroleum and mineral resources, three of which will be outside of Egypt with a total value of EGP 4.2 billion, led by the projects for the development of Zohr and Atoll gas fields.
Former minister of investment, Dalia Khorshid, had said that the first initial public offering (IPO) for a government-owned company will be in the first quarter of 2017.
The IPOs targeted by the Egyptian government include Alexandria Mineral Oils Company (AMOC), Sidi Kerir Petrochemicals Company (SKPC), and Enppi.
