Egypt Today: The government has announced plans to transfer 40 companies to the Egyptian Sovereign Fund following the decision to abolish the Ministry of Public Business Sector. The necessary procedures for the transfer are currently underway, according to Hussein Essa, Deputy Prime Minister for Economic Affairs.
Prime Minister Mostafa Madbouly convened a meeting to review the progress on several critical economic files. During the meeting, Essa provided an update on the ongoing tasks, including the development and modernization of the State Ownership Policy Document. He explained that a meeting had been held with the team responsible for updating the document, and letters had already been sent to relevant ministries to request their feedback on the proposed changes.
Regarding the recent move to temporarily list several companies on the stock exchange, Essa presented the status of those companies that have been preliminarily listed in preparation for final listing.
In the same meeting, Essa discussed the transfer of 40 companies to the Egyptian Sovereign Fund, mentioning that a meeting had been held with fund officials to ensure the necessary steps are being taken for the transfer.
"We have held several meetings regarding the restructuring of state-owned companies following the decision to abolish the Ministry of Public Business Sector," Essa added. These meetings included discussions about the continuation of general assembly meetings for companies, as well as talks with holding company chairpersons and CEOs to address key challenges and propose restructuring plans for state-owned companies in the near future.
On the restructuring of economic bodies, Essa highlighted two key efforts. The first involves the restructuring of six entities, including the General Authority for Reconstruction and Agricultural Development, the National Media Authority, the New Urban Communities Authority, the General Authority for Supply Commodities, the Railways Authority, and the Cairo Metro Authority. Development visions and strategies for these entities are currently under discussion.
The second effort involves merging seven out of fourteen entities and converting the remaining seven into public bodies. A working team is actively determining the necessary mechanisms to implement these decisions.
Hashem El-Sayed, Assistant Prime Minister and CEO of the State-Owned Companies Unit, outlined the selection criteria for the 40 companies scheduled for transfer to the Sovereign Fund, noting that these companies possess strong competitive advantages. He also emphasized that coordination with the Minister of Investment and Foreign Trade is ongoing to ensure the sovereign fund is prepared to efficiently manage the transferred companies.
El-Sayed further reviewed the measures being taken to complete the offerings program, as part of the ongoing restructuring and optimal utilization of state assets.
Prime Minister Madbouly stressed the importance of these economic initiatives, emphasizing that they are crucial for Egypt's national priorities and vital for improving the country's economic performance.
https://www.egypttoday.com/Article/3/145307/Government-moves-to-transfer-40-state-owned-companies-to-sovereign
