May 15, 2018 / 10:11 AM / in 4 months

Egypt says seeks to raise $1 bln by selling stakes in four-six state firms this year

CAIRO, May 15 (Reuters) - Egypt is seeking to float shares in four to six state-owned companies this year to raise up to 18 billion Egyptian pounds ($1 billion), the cabinet said in a statement on Tuesday.

The statement said that shares in the oil and petrochemical industries sectors will be offered on the Egyptian stock market starting in June and until the beginning of 2019.

Egypt in March announced the names of 23 state companies that will sell stakes from this year under its plan to raise 80 billion pounds through minority share offerings on the Cairo bourse.

$1 = 17.7400 Egyptian pounds Reporting by Ehab Farouk, writing by Sami Aboudi, editing by Louise Heavens

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