|15 September, 2019

Egypt's EGX likely to see 4 IPOs before end 2019 – official

Two state-owned firms will likely list shares on the Egyptian Exchange

The Egyptian Exchange bell is seen at the stock exchange in Cairo, March 12, 2015.

The Egyptian Exchange bell is seen at the stock exchange in Cairo, March 12, 2015.

REUTERS/Mohamed Abd El Ghany

Cairo – The Egyptian Exchange (EGX) is expected to witness four companies listing their shares in initial public offerings (IPOs) before the end of 2019, head of central department for corporate finance at the Financial Regulatory Authority (FRA), Sayed Abdel Fadil, said.

One of the companies is forecast to list its shares on the Nile Stock Exchange (Nilex), while another private-sector firm with a capital exceeding EGP 1 billion is also projected to go public, Abdel Fadil told reporters on the sidelines of a workshop organised by FRA on Sunday.

In addition, two state-owned companies will likely list their shares on the Egyptian bourse as part of the government privatisation programme before the end of 2019, he revealed.

In 2014, five companies launched their IPOs valued at EGP 855 million, he added.

In addition, 2015 saw the listing of shares of four companies valued at EGP 6.2 billion, while 2016 witnessed the launch of the IPOs of five companies with a combined value of EGP 2.3 billion.

Moreover, six companies valued at EGP 3.9 billion and four companies valued at EGP 6.3 billion launched their IPOs in 2017 and 2018, respectively.

In 2019, three companies valued at EGP 3.5 billion went public on the Egyptian bourse.

It is noteworthy that during August, Fawry for Banking Technology and Electronic Payments listed 36% of the company’s shares on the EGX.

Source: Mubasher

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