November 26, 2019 / 9:15 AM / 16 days ago

UPDATE 1-Egypt to sell 22%-25% of Heliopolis shares in Q1, minister says

(Adds details and background)

CAIRO, Nov 26 (Reuters) - Egypt will offer 22% to 25% of the shares in Heliopolis Company For Housing and Development on the Egyptian stock exchange in the first quarter of 2020, Public Enterprise Minister Hesham Tawfik said.

Tawfik also said that state-controlled companies Alexandria Container & Cargo Handling Company and Abu Qir Fertilizers are ready to offer some of their shares on the stock market. The timing of the offering will be set by investment banks, he said.

The government has been talking for years about selling stakes in several state-owned companies but has repeatedly postponed the programme.

Last year, the government released a list of 23 state-controlled companies to be brought to market.

Writing by Amina Ismail; editing by Larry King

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