Egypt is planning to list its Food Industries Holding Company (FIHC) in an initial public offering (IPO) to improve the company's financial situation.
According to Supply Minister Khaled Hanafi, the IPO of the state-owned company's shares is expected to raise between three and four billion Egyptian pounds ($395m to $524m), Reuters reported.
The latest decision will also help improve the performance of its subsidaries.
Hanafi was quoted by Reuters as saying: "This listing will be the first of its kind in Egypt... the first listing of a state holding company on the capital market.
"We are still studying a group of international investment banks to manage and study the listing."
The capital raised from this process is expected to be invested in underperforming companies that are operated by the ministry.
However, the minister did not reveal the number of the company's shares that would be floated, the news agency said. The IPO is expected to be launched this year.
