Trading on newly-listed petchems to be in USD, Tadawul dual-listing likely: Egypt's Assistant PM

Hashem El-Sayed, Egypt’s Assistant Prime Minister and Head of the Cabinet's Central Unit for Monitoring and Regulating State-Owned Companies

Hashem El-Sayed, Egypt’s Assistant Prime Minister and Head of the Cabinet's Central Unit for Monitoring and Regulating State-Owned Companies, said that the three petroleum companies that were temporarily listed on the Egyptian Exchange (EGX) boast strong financial performance that will likely attract foreign and Gulf investors, noting that their stock trading will be conducted in US dollar.

In a statement to Argaam, on the sidelines of the EGX celebration on June 28, marking the temporary listing of four state-owned companies under the government's Privatization Program, including three companies in the petroleum sector, the official added that the offering ranges for these companies have not yet been determined, as they will be set after assessing the fair value and then submitted to the Egyptian Cabinet.

Regarding plans for a dual listing of these companies on the Saudi Exchange (Tadawul), El-Sayed said that this is possible if the competent authority and their parent companies deem it appropriate.

El-Sayed also pointed out that over the past few months, the temporary listing of 20 companies out of a total of 30 companies announced under the Privatization Program has been completed.

He added that 10 more companies are in the pipeline—three firms in the public business sector and seven others in the petroleum sector, as they will be temporarily listed during the next quarter in preparation for their offering and listing on EGX.

On June 28, four state-owned companies were temporarily listed under the Egyptian government's Privatization Program, including three petroleum-sector companies: Engineering for the Petroleum & Process Industries (ENPPI), Egyptian Linear Alkyl Benzene Company (ELAB), and Petroleum Marine Services (PMS), as well as Al Maamoura for Construction and Tourism Development, as part of a national privatization push.