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Egypt eyes IPO of oil companies

by ChemOrbis Editorial Team - content@chemorbis.com
  • 21/09/2016 (13:53)
According to media reports, Egypt is planning to launch initial public offerings (IPO) in state-owned oil companies as part of the government’s efforts to reduce the growing budget deficit. The government aims to collect up to $10 billion within three to five years through the IPO.

The government will select local and international investment banks to advise on the offerings while currently, it is evaluating which companies will participate in the program.

Meanwhile, Egypt has also reached an initial agreement for a $12 billion loan with the International Monetary Fund (IMF).
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