The real estate developer El Mostakbal Urban Development (MIDAR) has been added to The Sovereign Fund of Egypt’s (TSFE) pre-initial public offering (IPO) fund, ahead of selling a 25-30% stake in it to a strategic investor this year, Asharq Business reported on July 7th, citing unnamed sources familiar with the matter.
The government also considers floating a further stake in MIDAR, which is owned by five state-owned entities, on the Egyptian Exchange (EGX) at a later phase, according to the sources.
Egypt’s pre-IPO fund now includes seven companies, including MIDAR, ETHYDCO, and Misr Life Insurance, with the aim of offering stakes in them to strategic investors.
It was reported in May that Egypt targets collecting additional proceeds of EGP 70 billion from its IPO program in the fiscal year (FY) 2023/2024 budget.
On February 8th, the Cabinet announced that it would offer 32 state-owned companies and banks for sale on the EGX, to strategic investors, or a mix of both.