The Vice Chairman of the Egyptian Exchange (EGX) Mohamed Sabry said that as the receiving entity, the EGX aims to conduct initial public offerings (IPOs) for 20 state-owned companies shortly.
Six of these companies have already applied for provisional listing, and the remaining companies are expected to apply next, Sabry added.
He noted that the exchange is fully ready to list Misr Life Insurance, which is currently on provisional listing. This company is in the process of determining its fair value and will then approach investment banks for marketing purposes.
Sabry said that the IPOs of several of these companies are expected to be completed before the end of the six-month provisional listing period.
Banque du Caire to be included
He added that work is underway to list Banque du Caire, and it will be listed on the Egyptian Stock Exchange soon.
Investors are awaiting the release of the listing prospectus for the bank, which is owned by Banque Misr.
This listing prospectus is expected to submit by the bank to the Financial Regulatory Authority soon for approval and publication on stock exchange screens, as part of the public and private subscription process for the bank’s shares.
Sabry added that shares of the Egyptian Spinning and Weaving Company will be listed on the stock exchange during the current quarter.
He noted what strengthens the implementation of the offerings program is that the coming period is more suitable for implementing the program, compared to previous moments when the timing was not in favor.
Procedures in place to offer up 20 state-owned companies and Banque du Caire on IPOs Egypt Independent.
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