Egypt is kicking off plans to float state firms, with the first five companies to go on the block during the current 2018-19 financial year. Deputy finance minister Ahmad Kouchouk says he expects stakes in the five firms, which include Alexandria Mineral Oils Company (AMOC) and Abu Kir Fertilizers, to raise E£8-10Bn ($450-$560mn) by June 2018.
Amoc operates a fuel oil upgrading plant based around a 35,000 b/d vacuum distillation unit and is looking to raise $500mn to fund a new hydrocracker. Eastern Tobacco, Alexandria Container and Cargo Handling, and Heliopolis Housing, are also slated for 2018-19 sell-off. In total 23 companies are earmarked for privatization which Cairo hopes will ultimately raise E£80bn ($4.55bn) (MEES, 23 March). (CONTINUED - 118 WORDS)