Egypt’s financial advisor NI Capital is planning to complete listing 24 percent of state-owned oil firm Enppi’s shares on the local stock market between six and nine months.
“Enppi’s listing on the bourse should be complete between 6-9 months.” Ashraf Ghazaly, chief executive of NI Capital, said Sunday.
NI Capital has earlier invited local and international investment banks to submit their technical offers in order to win the management of Enppi’s IPO.
“We seek to complete selecting the consultant for the listing between four and six weeks.’ Ghazaly added.
The presidency announced in January 2016 that Egypt would soon offer shares of “successful” state-owned companies and banks on the local bourse – its first public offering of government-owned firms since 2005, when it offered shares in Telecom Egypt, AMOC, and Sidi Kerir.
Enppi was established in 1978, and is currently working under the Egyptian Investment Law 8 for 1997, with a paid in capital of $220 million. The state-run Egyptian General Petroleum Corporation (EGPC) is the principal shareholder owning 97 percent of the total shares.
Enppi is a major engineering and EPC contractor that provides full integrated engineering, procurement, construction supervision, and project management services for oil and gas, chemical, petrochemicals, power sectors and other related industries in Egypt, Middle East, North Africa, and South America.
