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Monday, 06 July 2020

Egypt expects several share offerings by end of year: official

Reuters , Sunday 15 Sep 2019
stock exchange
Traders work at the Egyptian stock exchange in Cairo (Reuters)
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Views: 992

Egypt expects two state companies and one private pharmaceuticals firm worth more than one billion Egyptian pounds ($61.3 million) to make share offerings by the end of the year, an official at the Financial Regulatory Authority said on Sunday.

One small company worth about 50 million Egyptian pounds was also expected to offer shares on the Nile Stock Exchange, which specialises in small and medium sized enterprises, said Sayed Abdel Fadeel, head of the authority’s corporate finance department. He did not name the companies.

Egypt promised to sell minority stakes in several state companies in late 2018 but postponed the offerings following emerging market turbulence.

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