The Clap
A group of government-owned hotels are in preparation to be listed on the EGX.
The Deets
As per Hisham Tawfik, Minister of the Public Enterprise Sector, a group of government-owned hotels are being valuated as they prepare to have a stake listed in the EGX within the coming 4 months. The aim is to list a stake between 10%-15%.
Some of the hotels included include Marriott Cairo, Cataract Aswan, Mena House, Steigenberger in Cairo and Domyat, and Luxor’s Winter Palace Hotel.
Background
The government has been working on putting 7 government-owned hotels under one umbrella. They intend to list a stake of that entity on the stock market. Now, the process is close to being completed as they are reaching the final stage of the grouping process.
Why this matters?
This falls under the initiative the government has set to list 10 government-owned companies in the EGX by the end of 2022.
4 months for state-owned hotels on the EGX ⏳
