Prime Minister Mostafa Madbouly has discussed a plan for the initial public offering (IPO) of some of the national firms, Invest-Gate reports.

Heliopolis Company for Housing and Development will be one of the public companies the government is willing to sell its shares.

The government will offer investors the chance to hold a majority stake in the state-held company, Bloomberg quoted Finance Minister Mohamed Maait as saying, adding that Egypt will retain a 40% share in the company.

Around 27.8% of the property developer’s shares are currently traded on the market.

“We saw that Heliopolis [Housing], given the strength of the real-estate sector in Egypt, could be developed more by offering a bigger stake to investors,” Maait told Bloomberg.

The government will sell stakes in Alexandria Mineral Oils Company (AMOC), Eastern Company, Alexandria Container & Cargo Handling Company, and Abu Qir Fertilizers, according to an official statement.