Egypt: The Sovereign Fund of Egypt (TSFE) has started preparing Misr Technology Services (MTS) for a public offering by the first half of next year, according to informed sources.

The sources told Daily News Egypt that the offering will involve the Ministry of Finance selling part of its stake, which exceeds 50% of the company. The offering will likely be split between public and private placements, depending on the interest of strategic investors in acquiring a share in the company, which is one of the largest in the government IPO program.

MTS is among the seven companies that were included in the pre-IPO fund of TSFE, which was established at the end of last year to attract sovereign investment funds and sell shares to them before listing the companies on the stock exchange. The pre-IPO fund aims to maximize the value of the companies and enhance their governance and performance.

MTS is a state-owned company that owns 80% of its shares. The shareholders include the Ministry of Finance, the Egyptian Financial Facilities Management Company, the National Investment Bank, the Egyptian Company for Investment Projects, and Amiral Management Corporation. MTS is the technical arm of the Ministry of Finance in the field of customs and taxes.

MTS is responsible for implementing the Advance Cargo Information (ACI) system, which was activated in 2021. The system simplifies customs clearance procedures for goods, eliminates neglected and unidentified goods in Egyptian ports, and helps customs and authorities initiate release procedures in advance.

Egypt seeks to increase the participation of the private sector in accelerating economic growth by listing government companies on the stock exchange, as well as through direct partnerships with major investors.

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