Egypt Mulls Majority Stake Offerings in More Public Firms
- Heliopolis and Eastern sales expected in October, Tawfik says
- Egypt aims to raise $1.7 billion from first phase of sale
Tahrir square in Cairo.
Photographer: Sima Diab/BloombergThis article is for subscribers only.
Egypt is considering adding companies to the list of state-run firms in which investors can secure majority stakes as it readies to launch a program aimed at reviving the battered public sector.
The government is planning to start with the sale of Heliopolis Housing and Eastern Tobacco in October, Public Enterprise Minister Hisham Tawfik said in an interview. So far, however, a majority offering is available only in Heliopolis, with 40 percent of the property developer to remain under state control.