Privatization of 314 companies expected to yield 52 billion

An economic report showed that 76 companies have so far been privatized; it indicated that this move has increased profits of those companies in the budgets ending late last June by 50-80 percent compared with the1993.

Egypt Minister of the Public Business Sector Dr. Atef Ebied said privatization programs had contributed to an increase in the number of individual shareholders, adding that 950,000 possess more than two thirds of the shares sold.

He said the 76 companies which have been privatized will achieve a net revenue of LE 17 billion when they are sold in the stock exchange.

Ebied said this value represents double the state investments in all public business sectors. He said the selling of 314 public business sector companies is expected to yield LE 52 billion after settling the debts owed by those companies to banks, El-Watan newspaper reported today.