July 5, 2017 / 1:28 PM / 5 months ago

Egypt selects CI Capital-led group to lead IPO of ENPPI

CAIRO, July 5 (Reuters) - Egypt’s Investment Ministry on Wednesday said it had selected a consortium led by CI Capital to act as lead managers and bookrunners for the initial public offering of state-owned oil company ENPPI.

The consortium includes Jefferies International Limited and Emirates NBD Capital Limited.

Egypt plans to embark on its first sale of shares in a state-owned company in 12 years.

It aims to raise up to $150 million from the stock market listing of Engineering for the Petroleum and Process Industries (ENPPI) in the first of a series of planned public offerings.

“The ENPPI IPO is only the beginning of a pipeline of state-run companies to offer minority shares publicly over the next year,” Investment Minister Sahar Nasr said in a statement.

The government would retain majority stakes in these enterprises while helping via the IPOs to increase the size and liquidity of Egypt’s stock market, the minister said. (Reporting by Eric Knecht; writing by Ahmed Aboulenein; editing by Jason Neely)

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