Gov't to offer stakes in energy, telecoms holdings

The government plans to step up its privatization program and sell its stakes in telecoms, electricity and oil distribution companies to increase its sources of revenue, Minister of Information Safwat el-Sherif said yesterday.

He announced following a cabinet meeting that the government would offer a 15 per cent share in state-owned Egypt Telecom, 15 per cent in electricity distribution companies and 40 per cent in oil distribution companies.

Companies on the list to be privatized include Helwan Portland Cement, Eastern Tobacco, retailer Omar Effendi, several cement firms, hotels, milling companies and industrials.