Up to 6 IPOs of Egyptian state companies to be launched in current FY: Minister

Ahram Online , Wednesday 20 Oct 2021

Egypt is planning on listing five or six state-affiliated companies on the stock exchange in the current fiscal year under the country's recently resumed initial public offering (IPO) programme, Finance Minister Mohamed Maait said.

 Finance minister

Maait made the announcement during a meeting on Wednesday with Murray Roos, the director of Capital Markets at the London Stock Exchange Group (LSEG), and Charlie Walker, the head of Equity Primary Markets the LSEG.

Egyptian state-owned payments firm e-finance for Digital and Financial Investments made its debut on the stock market on Wednesday under the IPO programme.

Maait said the e-finance IPO saw a large turnout, with international participation from the US, the UK, and other European countries.

In March 2019, Egypt offered the first state-owned company to be listed on the EGX under the IPO programme.

The company offered 4.5 percent of its shares on the EGX, with a total value of EGP 1.7 billion pounds ($99 million).

On 8 September, Minister of Planning and Economic Development Hala El-Said said that the government is expected to resume the stalled IPO programme before the end of 2021.

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