Egyptian developer Misr Italia Group is planning to sell up to 25 per cent of its shares on the Egyptian stock exchange, according to a number of banking sources in Egypt.

The company is aiming for the initial public offering (IPO) to take place in May this year with the developer set to go on an investor roadshow in the GCC later this month.

The pipeline for capital markets listings for this year is strong in Egypt.

In 2016 the government announced that it planned to sell shares of “successful” state-owned firms and banks to the public, the first such move since 2005, when it offered shares in Telecom Egypt, Sidi Kerir Petrochemicals and Alexandria Mineral Oils Company (AMOC).

More recently the Egyptian government approved the proposed listing of state-owned oil and gas contractor Engineering for the Petroleum & Process Industries (Enppi) on the local stock market.

A cabinet spokesperson confirmed reports that the government has approved the 24 per cent listing of the engineering, procurement and construction (EPC) contractor.

The local NI Capital, affiliated to National Investment Bank, will evaluate the company’s value ahead the initial public offering (IPO) process, the cabinet spokesperson told MEED.