A legal advisor has been appointed by the government to start the offering procedures, with around 30% of MTS set to be offered in its upcoming IPO, media outlets explained
Misr Technology Services (MTS) could be offered on the Egyptian Exchange (EGX) in 2024, according to some local media outlets, citing unnamed sources.
A legal advisor has been appointed by the government to start the offering procedures, with around 30% of MTS set to be offered in its upcoming IPO, media outlets explained.
MTS’ offering could be divided between public and private depending on strategic investors’ willingness to purchase shares in the company.
MTS is the technical arm of the Ministry of Finance in the field of customs and its relationship with taxes. MTS is a joint stock company, the state currently holds 80% of its shares with the rest divided up with the Egyptian Company for the Management of Financial Facilities (e-finance), the National Investment Bank, the Egyptian Company for Investment Projects, and the Amiral Management Corporation.
The trade and transport logistics platform is part of the government’s IPO program which aims to sell stakes in 32 state-owned companies, with the overall goal of helping Egypt attract investors and expand the ownership of those state-owned companies.
Earlier this month, Egypt began to receive offers from investors to buy shares in state-owned Wataniya and Safi through the EGX.
