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Arab Finance: The Egyptian Exchange (EGX) Vice Chairman Mohamed Sabry has probed the final arrangement for the temporary listing of six new companies under the government's initial public offering (IPO) program, according to a statement.
Sabry highlighted that four of the state-owned firms are slated for inclusion in the main market, while two will join the small- and medium-sized enterprises (SME) market.
The companies approved for temporary listing on the main market include Sinai Manganese Company, Spring Manufacturing and Transport Equipment Company (Yayat), The Egyptian Contracting Company (El Abd), and El Nasr Housing and Development.
Meanwhile, the SME segment will include the National Assets Management and Investment Company and the National Investment and Development (NIRCO).
Sabry noted that work is underway to list several petroleum companies as a key contribution to sector diversification and attracting foreign investors.
This represents a significant step towards strengthening confidence in the Egyptian stock market and expanding the base of listed companies, thereby supporting market cap growth and enhancing the market's efficiency and depth.
Earlier this month, Prime Minister Mostafa Madbouly held a meeting with Minister of Petroleum and Mineral Resources Karim Badawi to review plans to list 10 petroleum companies on the EGX.
Therefore, Badawi outlined that the ministry’s strategy focuses on restructuring management approaches within selected companies to capitalize on recent sector growth and convert it into liquidity to support future expansion.
