January 14, 2019 / 10:40 AM / 5 days ago

Egypt picks banks to manage sale of stakes in state-owned companies: official

CAIRO (Reuters) - Egypt’s CI Capital and Renaissance Capital will manage the sale of a stake in state-owned Abu Qir Fertilizers (ABUK.CA), a government official said on Monday.

EFG Hermes and Citi will manage the sale of a stake in Alexandria Container and Cargo Handling (ALCN.CA), the official who spoke on condition of anonymity said.

Egypt is working on selling shares in dozens of state-owned companies over the next three to five years across several sectors to help boost public finances.

The state owns vast swathes of Egypt’s economy, including three of its largest banks - National Bank of Egypt [NBEGPT.UL], Banque Du Caire (BQDC.CA), the United Bank of Egypt - along with much of its oil industry and real estate sector.

Reporting by Ehab Farouk, writing by Lena Masri; Editing by Alison Williams and Louise Heavens

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