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]