Middle East Economic Survey

VOL. XLVIII

No 21

23-May-2005

EGYPT

Egypt To Launch First IPO In Petroleum Sector

Egyptian Oil Minister Sameh Fahmy announced on 5 May that 20% of the shares of the Sidi Kerir Petrochemicals Company (SIDPEC) will be sold in an IPO around mid-May. The decision was taken by the general assemblies of SIDPEC and the Egyptian Petrochemicals Company which agreed to sell initially 20% of SIDPECs capital, with 18% coming from the equity held by banks and insurance companies and...