Egypt to sell stakes in 5 state firms to raise money

Egypt will sell additional shares in five listed companies to raise money, as part of a comprehensive privatization program.

The companies are Alexandria Mineral Oils Company, Eastern Tobacco, Alexandria Container and Cargo Handling, Abou Kir Fertilizers, and Heliopolis Housing.

In late-2016, Egypt embarked on a three-year $12 billion IMF loan programme tied to economic reforms that included deep subsidy cuts and tax hikes.

Earlier this year, the government announced plans to sell stakes in up to 23 state companies to raise EGP 80 billion ($4.5 billion) over two and a half years.