RIYADH: Egypt is planning an initial public offering of two of its army’s companies, the CEO of the country's sovereign fund has said.

Ayman Soliman told Asharq the fund is currently in the final stages of legal restructuring of Safi and Wataniya to make them eligible for listing on the Egyptian stock exchange.

Safi supplies the Egyptian market with bottled mineral water while Wataniya specializes in supplying and distributing petroleum products.

Both companies are subsidiaries of the National Services Products Organization, which is part of Egypt’s armed forces.

Soliman emphasized that the main condition before listing on the bourse is to identify a strategic investor to manage the companies’ operational activities.

The official added that the offering pipeline includes more companies that are to be disclosed after finalizing their legal restructuring.

Copyright: Arab News © 2021 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.