Egypt’s President Abdel Fattah El Sisi reviewed on Tuesday preparations for the Initial Public Offering (IPO) of the shares of companies owned by the Egyptian Armed Forces for trading on the stock exchange.
He especially reviewed preparations for listing the shares of the National Petroleum Company and Safi Company on the stock exchange, with a view to expanding their ownership base and attracting private sector investments to them.
This came during the president’s meeting with Prime Minister Moustafa Madbouli, Maj Gen Ahmed El-Shazly, chairman of the Armed Forces Financial Affairs Authority Maj Gen Walid Abul-Magd, director of the Armed Forces National Service Projects Authority, and a host of senior government officials.
The offering of the companies owned by the Armed Forces, the president said, should maximise the contribution of the National Services Authority to supporting the national economy, especially in light of the great capabilities and potentials enjoyed by the authority’s companies.
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