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Arab Finance: The Egyptian Exchange (EGX) is working to transform into a financing platform supporting national projects and productive sectors through the development of market tools and trading mechanisms, alongside efforts to improve operational efficiency and attract more local and foreign investments, according to Omar Radwan, Chairman of the EGX.
Speaking during an investment conference in Sharm El Sheikh, Radwan said the exchange’s strategy also focuses on deepening the market, expanding the base of listed companies, and improving the trading environment in line with regional and global developments.
Radwan noted that the planned listings are part of a broader government strategy to prepare a number of state-owned entities for initial public offerings (IPOs) to investors.
In the same vein, the EGX expects the total number of listed government-owned companies to reach around 20 by the end of 2026, following plans to temporarily list three new state-owned firms in the coming period.
Mohamed Sabry, Vice Chairman of the EGX, said the market is expected to witness the IPOs of Egypt Education Platform (EEP) and Egyptian Spinning and Weaving Company from the private sector within the next two months as part of efforts to revive IPO activity and increase market depth.
Sabry also added that the exchange is preparing to transfer two companies from the SME market to the main market within the next two months after they fulfill listing requirements, reflecting improvements in their financial and operational performance.
In parallel, the government continues preparations for its IPO program, which includes the planned listing of Misr Life Insurance Company before the end of June, followed by Banque du Caire in coordination with the Central Bank of Egypt (CBE), in addition to two more state-owned companies in a later phase of the program.
The developments come as the EGX30 index has risen by around 28% since the beginning of the year, supported by increased demand for equities as a hedge against local currency fluctuations, particularly export-oriented stocks.
