Egypt’s Prime Minister Mostafa Madbouly convened a meeting on Monday to review the progress of listing companies affiliated with Egypt’s Armed Forces on the Egyptian Exchange (EGX). This session is part of his ongoing follow-up to ensure the successful listing of these companies as part of the government’s broader economic strategy.
At the start of the meeting, the Prime Minister emphasized the importance of preparing a detailed plan and timeline for the listing process of the Armed Forces companies. The meeting reviewed the steps taken by the Sovereign Fund of Egypt to ready these companies for listing on the stock market.
Additionally, the meeting provided updates on the progress of listing other previously announced companies. Madbouly reiterated the government’s commitment to advancing the listings process in alignment with the State Ownership Policy Document. He also emphasized the state’s broader aim to support the private sector and continue implementing its economic reform program.
During the meeting, the Prime Minister tasked the Minister of Investment with overseeing the entire listings process. The Minister will be responsible for providing regular progress reports, including timelines for execution, and ensuring that the process moves forward promptly and effectively.
In December, the Prime Minister announced plans to list at least 10 companies in 2025, with four of these owned by the Armed Forces. These listings will include both direct investments and EGX offerings. Among the companies targeted for listing by mid-2025 are Wataniya, Safi, ChillOut, and Silo Technologies, all owned by the Armed Forces.
Additionally, Madbouly highlighted that other major companies, such as Bank of Alexandria and Banque du Caire, are also set to be included in the upcoming offerings, following the recent listing of the United Bank. The government also plans to list shares in other entities as part of its privatization program, including the Gabal El-Zeit Wind Farm, Al-Amal El-Sharif Plastics, Egyptian Pharmaceutical Industries (EIPICO), and CID Pharmaceuticals.
