Egypt Plans IPO for Siemens Power Plants

Hala Al-Saeed, Minister of Planning and Economic Development and Chairman of the Board of Directors of the Sovereign Fund of Egypt indicated a number of companies will be quickly put up for intial public offering (IPO) on the Egyptian Stock Exchange (EGX), including a stake of Siemens' power stations.

This came during a meeting held by Prime Minister Mostafa Madbouly on Wednesday to follow up on the position of a number of companies on the EGX and to review the developments of some projects of Egypt's sovereign investment fund.

On his part, Ayman Soliman, Executive Director of the Sovereign Fund of Egypt, reviewed the most important developments of some of the fund's investment projects, as he touched on the operations of IPO's, and the mechanisms of offering, highlighting the most important steps taken to offer some companies of the National Service Products Organization on the stock exchange.

Soliman touched on the fund's plan to offer power stations built with Siemens on the stock exchange, pointing out that this offering is one of the most important projects that come in line with the goals of the state, adding that the fund's main goal is to create partnerships with the private sector to raise its contribution in economic growth, maximizing the return on state-owned assets, in addition to refinancing state investments to ease the burden on the public budget.

He concluded that "The main objectives of the IPO is to increase investments, attract foreign capital, and enhance the confidence of foreign investors in the country, in addition to creating investment opportunities in the field of infrastructure and energy generation.

The plants were built in partnership with Germany's Siemens to solve Egypt's power outage following the ousted of the Muslim Brother-hood regime in Egypt.