Egypt Watch

Al-Nasr Mining Company shares offered on stock exchange

The Extraordinary General Assembly of the Holding Company for Metallurgical Industries of the Ministry of Public Business Sector has agreed to offer 21.97 per cent of the capital of Al-Nasr Mining Company for the private sector on the stock exchange. This comes within the government’s plan to offer shares of government business sector companies for sale to the private sector to expand their ownership base and develop and increase their production rates.

Al-Nasr Mining Company is one of eight companies that the Ministry of Business Sector has singled out to offer on the Egyptian stock exchange before the end of the current fiscal year. Other companies on that list include E-Finance and Cairo Bank, which is preparing to sell 45 per cent of its shares by mid-April. In March 2018, Prime Minister Mustafa Madbouly announced the government’s plan to offer part of the ownership of 23 companies for trading on the stock exchange, to raise EGP 80 billion ($5 billion) in a period ranging between 24 and 30 months.