Egypt has postponed its planned government IPO programme in light of its procedures to contain the coronavirus threat and the drop in the stock market.
The government said last year it is aiming to raise EGP 8 billion for the state’s budget by offering shares in 23 public-owned companies on the EGX.
An official source told Ahram Online on the condition of anonymity that the government is working now on an alternative plan for the IPO, taking into consideration that stock markets across the world have seen major sell-offs due to the outbreak of the virus.
The source added that the plan may see the IPOs rescheduled.
The plan will be announced within two months, the source said.