NI Capital Announces the Launch of the Request for Proposal Process for ENPPI’s IPO
NI Capital, a sovereign subsidiary of the National Investment Bank and the sole advisor to the government on the IPO program, announces the launch of the Request for Proposal process to invite qualified local and international investment banks to bid for the role of global coordinator/lead arrangers (along with necessary consortium members) for the minority sale of ENPPI’s share on the Cairo Stock Exchange.
This step marks the kickoff of the first transaction in the government’s sponsored IPO program under the patronage of the Ministry of Investment & International Cooperation which is part of Egypt’s recent economic and policy reform efforts. The IPO program is fueled by a fundamental belief in the role of the Egyptian stock exchange as an immediate source of fresh funds, a means to diversify funding sources for the state and a catalyst to widening ownership base of state-run firms.
“NI Capital is pleased to announce the launch of the RFPs process for ENPPI’s potential IPO, which marks the first milestone in this important transaction. We are confident that this transaction will be a success; ENPPI is one of the most successful oil and gas EPC contractors in the region.” said Ashraf Ghazaly, CEO and Managing Director at NI Capital. “The Ministry of Investment and International Cooperation along with the Ministry of Petroleum and Mineral Resources are affording this transaction all the support it merits” added Ghazaly.