Egypt's Banque Misr is preparing a file to exit its investments in some companies as part of a government program to reduce state ownership in the local economy.
The deals will be announced after coordination with the committee for public procurement, according to an official source who refused to be named.
The source told the Arab World News Agency that the bank is preparing to sell its shares in 13 out of 176 companies in its portfolio, adding that the companies subject to exit are profitable.
The 13 companies range between the industrial, petrochemical, and public services sectors, including medical insurance, transportation, navigation, tourism, agriculture, and food industries.
The source did not specify a timeframe for the process, noting that among the companies that will be exited include Egyptian Ethylene and Derivatives Company (Ethydco) and Alexandria Specialty Petroleum Products Company, 10 and 10.4 percent of which are owned by the bank respectively.
Last September, Sidi Kerir Petrochemicals (Sidpec) postponed a deal to acquire Ethydco fully.
The Egyptian government had announced a program to exit 32 companies and expand private sector ownership within the framework of an agreement with the International Monetary Fund (IMF) to obtain a loan worth $3 billion.
The government is preparing for a scheduled review from the IMF during the first quarter of 2024 to disburse a second tranche of the loan, a review that has been postponed since last March.
