Egypt lists four state-owned firms in privatisation drive

Egypt temporarily listed four state-backed companies on its stock exchange as part of a privatisation initiative to strengthen capital markets. The companies include Engineering for Petroleum and Chemical Industries, Egyptian Linear Alkyl Benzene Company, Petroleum Marine Services, and Maamoura for Reconstruction and Tourism Development. The temporary listing is a fast-track pre-IPO mechanism. Hashem El-Sayed, assistant to the prime minister, said 20 out of 30 announced companies have been temporarily listed. Petroleum Minister Karim Badawi noted the combined capital of petroleum sector companies is $687 million. The EGX30 index closed 2% lower on Sunday but has gained 52% over the past year.