Egypt has listed shares of three state-owned petroleum companies on the Egyptian Exchange (EGX), marking the first phase of the government’s programme to offer stakes in state-owned enterprises as part of broader efforts to expand private sector participation in the economy.
The move marks the effective launch of the petroleum sector’s initial public offering (IPO) programme under the government’s State Ownership Policy, Petroleum and Mineral Resources Minister Karim Badawi said during the listing ceremony on Sunday.
The companies listed are Engineering for Petroleum and Process Industries (ENPPI), with issued capital of $357 million; Egyptian Linear Alkyl Benzene Company (ELAB), with issued capital of $210 million; and Petroleum Marine Services (PMS), with issued capital of $120 million.
Badawi said the three companies were selected following a comprehensive review because of their strong operational and financial performance, sound financial positions and promising growth prospects, making them attractive to both local and foreign investors.
He described ENPPI as one of the region’s largest engineering and energy companies, with extensive experience in executing projects in Egypt and abroad. PMS is the petroleum sector’s leading offshore engineering and marine services company, while ELAB is a major petrochemicals producer that generates significant added value for the industry.
The minister said the government is finalisingprocedures to list additional petroleum sector companies in the next phase of the programme to improve asset utilisation, broaden the investor base, enhance corporate competitiveness and attract more domestic and foreign investment.
He added that listing on the stock exchange would strengthen corporate governance, transparency and disclosure standards while providing companies with broader access to financing to support expansion plans and future investments.
The initial listing precedes the public offering of shares for trading on the Egyptian Exchange. The ministry said independent financial advisers had completed valuations to determine the fair value of each company ahead of the listing process.
The ceremony was attended by senior government officials, including Deputy Prime Minister for Economic Affairs Hussein Eissa, Financial Regulatory Authority Chairman Islam Azzam, Egyptian Exchange Chairman Omar Radwan, and executives from the petroleum sector and the three companies.
