Business

Egyptian government prioritizes banks in IPO program to boost stock market and revenue

The Egyptian government is revamping its asset monetization and initial public offerings (IPO) program, prioritizing banks and financial institutions that will be listed on stock exchanges over the coming years. The move aims to revitalize the market, improve corporate governance and contribute to the government's ambitious non-tax revenue target of EGP 600 billion for the current financial year (FY) 2024/25.

According to a government document obtained by Daily News Egypt, companies in the energy, transportation and communications sectors will also be considered for IPOs.

The program is a key pillar of the Ministry of Finance’s strategy to achieve its non-tax revenue target. Notably, 50% of the proceeds of the offering are intended for debt repayment to alleviate the national debt burden.

Along with the IPO program, the government plans to create a digital registry of state-owned assets.

This register will track the periodic results obtained in the implementation of the “State Ownership Strategy” managed by the Egyptian Sovereign Fund. The strategy encompasses the management of assets through public offerings, sales to private investors or other means.

The document further highlights the government's intention to include investments by public sector enterprises and economic entities in the national target of 1 trillion Egyptian pounds for public investments. The move aims to leverage the public treasury's rights linked to state-owned assets.

Overall, the program aims to improve the efficiency and performance of public enterprises and the wider public business sector. It emphasizes stricter control of public funds and accounts in order to ensure their development and maximize the return on state assets.

This involves adopting sound economic policies, such as pricing strategies that reflect the overall cost of providing goods, services and production inputs.

Sources

1/ https://Google.com/

2/ https://www.dailynewsegypt.com/2024/04/20/egyptian-government-prioritises-banks-in-ipo-program-to-boost-stock-market-revenues/

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