Egypt moves to privatise four more state-owned companies

Egypt has taken another step in its long-running privatisation drive after granting preliminary stock market listings to four state-owned companies.

Egypt has taken another step in its long-running privatisation drive after granting preliminary stock market listings to four state-owned companies, paving the way for the sale of government stakes and reinforcing commitments made under its economic reform programme backed by the International Monetary Fund (IMF).

The Egyptian cabinet announced on Sunday that three of the companies are from the country's petroleum sector: Engineering for Petroleum and Chemical Industries (ENPPI), Egyptian Linear Alkyl Benzene Company (ELAB), and Petroleum Marine Services. The fourth company is Maamoura for Reconstruction and Tourism Development, which operates in the real estate and tourism sectors, according to Reuters.

The preliminary listings mark an important milestone ahead of the companies' eventual initial public offerings (IPOs) or share sales on the Egyptian Exchange. While the government has not announced a timeline for the offerings, the move signals that preparations are advancing as Cairo seeks to expand private sector participation in the economy.