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Egypt Hires Banks for Oil Company IPO, Starting Asset Sale Drive

  • Enppi share sale one of several expected over the next year
  • Government says stake sale may raise up to $150 million
Source: Bloomberg

Egypt has hired three investment banks to manage the sale of part of its stake in local oil company Enppi, marking a key step in the government’s plan to privatize state-owned businesses.

The government hired CI Capital, Jefferies International Ltd. and Emirates NBD Capital Ltd. as lead managers and bookrunners to take public Engineering for the Petroleum & Process Industries, also known as Enppi, according to a statement issued by the Ministries of Petroleum and Investment & International Cooperation Wednesday. The sale of a 22-percent to 24-percent stake in the company is expected to raise up to $150 million, the government’s investment bank said last month.