The Egyptian government aims to float several companies on the Egyptian Stock Exchange during the next year, including companies affiliated to the Armed Forces that operate in the civilian economic sectors, the Prime Minister Mostafa Madbouly said.
Madbouly added, in a TV interview, that the the affiliated companies are currently being restructured in preparation for being offered on the Egyptian Stock Exchange
The Sovereign Fund of Egypt said last month that it is close to finishing the restructure of bottled water brand Safi and Wataniya Petroleum, which are both owned by the army’s National Service Projects Organization.
President Abdel Fattah El Sisi sounded a similar note in recent remarks at the state-owned Kima complex. State-owned Ahram Online quotes El Sisi as having said “The private sector is welcome to contribute in new projects and factories. I repeat [my invitation] for the fourth time. We need the private sector. We have been proven incompetent in management [of state-owned companies] in the last 40 years.”)
