The Egyptian Exchange (EGX) on Wednesday received a request from state-owned pharmaceutical company Chemical Industries Development (CID) to list its shares on the main market, according to a disclosure published on the exchange’s website.

The company is seeking to list issued capital worth EGP 400 million, divided into 40 million shares at a nominal value of EGP 10 per share.

EGX said it is currently reviewing the documents submitted by the company ahead of referring the application to the Listing Committee for a final decision.

CID Pharmaceuticals, affiliated with the Holding Company for Pharmaceuticals under the Ministry of Public Business Sector, was established in 1947 and is considered one of Egypt’s oldest pharmaceutical manufacturers. The company launched one of Upper Egypt’s earliest pharmaceutical plants in Assiut in 1962 and currently exports its products to around 40 countries.

The move comes as the government accelerates its state IPO program as part of broader economic reform efforts and plans to expand private sector participation in the economy.

Last week, Hashem El-Sayed, Assistant to the Prime Minister and CEO of the State-Owned Enterprises Unit, said the government had completed the inventory of a number of state-owned companies previously affiliated with the public business sector in preparation for listing 20 firms on the EGX.

He added that 12 companies have already been listed, while preparations are underway to temporarily list eight additional firms.

In April, the EGX approved the temporary listing of six state-owned companies as part of efforts to broaden the market base and accelerate the implementation of the government offerings program.

The companies included Misr Mining, Alexandria Co. for Refractories, El Nasr Glass & Crystal, Egyptian Ferroalloys Company, Egyptian Company for Pipes and Cement Products, and El Nahda Cement.