Egypt intends to offer 5-6 government companies on EGX during 21/22

CAIRO – 20 October 2021: Egypt is determined to proceed with the initial public offering (IPO) program to list about 5 or 6 government companies on the stock exchange during the current fiscal year, according to Minister of Finance, Mohamed Maait.

Maait referred to the volume of demand for the shares of the public offering of "e-finance for financial and digital investments", with the participation of international investment funds from the United Kingdom and the United States and a number of from other European countries, in a way that enhances the state's plans to increase the private sector's contribution to the Egyptian economy; As an authentic partner in achieving inclusive and sustainable growth.

This came in a meeting chief executive of capital markets at the London Stock Exchange, Murray Ross, and Charlie Walker, head of primary markets at the stock exchange.

EGX received Wednesday the incomer number 241 in the list of listed companies, e-finance for financial and digital investments, a leading company in the development, management and operation of technological networks for digital transactions.

The company will be traded under the symbol (EFIH.CA).

The latest EGX data revealed that e-finance for financial and digital investments topped the list of the largest offerings on the Egyptian Stock Exchange, with a value of LE 5.8 billion, exceeding the LE 5.2 billion offering of Telecom Egypt's offering in 2005.

The public and private offering of e-finance for financial and digital investments was carried out for 417.77 million shares, representing 26.10 percent of the company's issued capital, at a price of LE 13.98 per share in two tranches (public and private) with a total value of LE 5.84 billion.

The number of public offering shares distributed over 25.77 million shares, representing 6.17 percent of the total shares offered for sale, representing 1.61 percent of the company’s total issued shares, while the number of private offering shares amounted to 392 million shares, representing 93.83  percent of the number of shares offered for sale, which represents 24.5 percent of the total issued shares of the company, bringing the market capital of "E-Finance" to approximately LE 22.4 billion, before the start of trading on the company's shares on the stock exchange.