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The government has relaunched a privatization program

After a 15-year hiatus, the government has relaunched a privatization program by floating a minority stake in Eastern Tobacco, a monopoly cigarette maker, on the stock exchange. The state asset sale program was agreed with the International Monetary Fund as part of a $12bn three-year Extended Fund Facility. Public Enterprise Minister Hisham Tawfik says “the government intends to float additional stakes in listed public enterprise companies, including Alexandria Container and Cargo Handling Company, Abu Qir Fertilizers and Chemicals Industries Company, and Heliopolis Company For Housing and Development. An adjusted list of companies active in the industrial, mining as well as energy and petroleum sectors are to be offered in an initial public offering later on in the year.” [bne IntelliNews, 4 March 2019]

Source: peopleoverprof.it

Privatization has always been on the state’s agenda

President Sisi says privatization has always been on the state’s agenda. “The state has long thought of the privatization of public sector companies at some point in time, and this is very good, and there was an idea that there would be a form of balance between the public and private sector.” The privatization drive may be spurred on by a draft law drawn up by the minister of public enterprise, Hisham Tawfik, allowing the private sector for the first time to own shares in public sector holding companies. [Business News Europe/bneIntellinews, 8 August 2018].

Source: peopleoverprof.it