NI Capital is preparing to sell stakes in 2 state-owned companies
NI Capital, National Investment Bank’s subsidiary, to sell stakes in seven state-owned companies as part of the government’s IPO program. Two companies are expected to be complete by the end of this fiscal year in June, Mohamed Metwally, CEO of NI Capital’s, told CNBC Arabia.
He also said that the stakes in the remaining companies will be sold before the end of the year, and that the scope of work of these companies include: oil, petrochemicals, and transport.
NI Capital was mandated by the Egyptian Cabinet to prepare an IPO program listing multiple state-owned companies on the Egyptian stock exchange.
Earlier this week, The Ministry of Finance announced that it sold a 9.5% stake in state-owned Telecom Egypt, raising more than EGP 3.7 billion, which accounts for $121 million.
NI Capital was one of the financial advisors and bookrunners on last week’s sale of Telecom Egypt shares alongside CI Capital and Al Ahly Pharos.