EGX-listed Egyptalum to sell shares to Arab sovereign funds

Egypt Aluminum, also known as Egyptalum, is looking to sell shares to Arab sovereign funds, public enterprise minister Hisham Tawfik told Al Arabiya.

State-owned Egyptalum has been listed on the Egyptian stock exchange EGX since 1997 and is one of the country’s largest aluminum producers.

Tawfik added there will be another offering of up to 30 percent of a company that will be established to include seven hotels under its ownership.

This comes amid efforts by the Egyptian government to beef up the stock exchange by floating stakes in 10 state-owned companies before year-end.