May 23, 2017 / 1:02 PM / 3 months ago

UPDATE 1-Egypt expects to 5-7 bln pounds from state IPOs -dep finmin

(Recasts with deputy minister)

By Ehab Farouk

CAIRO, May 23 (Reuters) - Egypt expects to raise 5-7 billion Egyptian pounds ($276-$387 million) through initial public offerings (IPO) of state-owned companies during the 2017-2018 fiscal year beginning in July, deputy finance minister Ahmed Kouchouk told Reuters on Tuesday.

That is lower than the 7.2 billion pounds the ministry in a draft budget for the 2017-18 fiscal year said it expected to raise through an initial public offering of Banque Du Caire.

Egypt has been struggling to revive its economy since a popular uprising in 2011 drove away tourists and foreign investors.

The last time state-owned companies were listed on the exchange was in 2005 when shares were floated in Telecom Egypt and oil companies Sidi Kerir Petrochemicals and AMOC. (Reporting by Ehab Farouk; writing by Tom Finn; editing by Jason Neely)

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