By Muhammad Adel
After amending the listing rules of companies in the Egyptian stock exchange, the Ministry of Petroleum is preparing an initial public offering (IPO) of new petrochemicals companies, said Samir Azer undersecretary of the Ministry of Finance.
Following a meeting between Minister of Petroleum Sherif Ismail and chairman of EGX Mohamed Omran, the petroleum ministry prompted the head of the Egyptian Petrochemicals Holding Company (ECHEM) to hold a meeting with Omran to discuss which companies can be listed in the bourse.
The ministry has started with new petrochemicals companies because the preparation of their IPO issuance is easier than the already-established companies, which need economic studies due to encompassing several shareholders, Azer said.
In February, Ismail discussed with Omran the possibility of issuing an IPO of some petroleum companies and both parties, in cooperation with financial experts from public banks such as the National Bank of Egypt and Banque Misr, are currently studying the needs, financial situation, and available liquidity of each of the companies, the minister said.
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