October 5, 2018 / 12:24 PM / in 7 months

Egypt signs deal for sale of stake in oil company ENPPI

CAIRO, Oct 5 (Reuters) - Egypt has signed an agreement with three banks to manage the sale of a 24 percent stake in state oil company Engineering for Petroleum and Process Industries (ENPPI) on the Egyptian stock exchange, the petroleum ministry said on Friday.

The government signed the deal with investment bank CI Capital, Jefferies bank, and Emirates NDB, the ministry said in a statement.

It did not give the timing of the offer, and the ministry could not immediately be reached for comment.

The ENPPI share offer has been pushed back several times, with officials initially saying it would take place before the end of 2017.

The sale is part of a series of public and private share offerings expected over the coming months, including the first sales in state-owned companies for more than a decade.

Five of the sales in state-owned companies are expected by the end of 2018 from a total of 23 offerings over the next few years. The government hopes the sales will help reduce its budget deficit and promote competition.

The state owns vast swathes of Egypt’s economy, including at least three of the country’s largest banks along with much of its oil industry and large chunks of real estate.

Reporting by Ehab Farouk Writing by Aidan Lewis; editing by David Evans

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