EPP is jointly owned with the Egyptian Natural Gas Company (GASCO) and is one of the companies in which the government announced the offering of a stake within the government's initial public offering (IPO) program
The Egyptian Petrochemicals Holding Company (ECHEM) appointed the private equity firm Compass Capital, to facilitate the sale of a portion of ECHEM's 26% stake in the state-owned thermoplastic producer, Egyptian Propylene and Polypropylene (EPP).
EPP is jointly owned with the Egyptian Natural Gas Company (GASCO) and is one of the companies in which the government announced the offering of a stake within the government's initial public offering (IPO) program, through which the government succeeded in selling stakes in about 14 companies, amounting to $5.6 billion.
The appointment aims to promote the sale of the government’s share in EPP to investors in the Gulf region, and mainly East Asian countries.
The government expects to rise proceeds of up to EGP 70 billion from its IPO program during 2024, according to data from the Egyptian Cabinet. This represents 0.6% of the gross domestic product, in the draft budget for the fiscal year 2023/2024.
The Minister of Planning and Economic Development, Hala El Said, previously announced that Egypt is close to receiving the final bid for the acquisition of shares in Wataniya, which is one of the companies in Egypt’s IPO program. In August 2023, Egypt received initial offers for the acquisition of shares in Wataniya ranging between $250 and $280 million, according to sources cited by Asharq Bloomberg.
