Sisi directs continuation of gov't offering program on EGX

CAIRO - 13 February 2022: President Abdel Fatah El-Sisi directed the government to continue with the offering program during the coming period to expand the ownership base in the Egyptian Stock Exchange (EGX) and attract direct investments, taking into account the diversity of the program to cover various economic sectors.

 

This came during Sisi’s meeting on Sunday with Prime Minister Mostafa Madbouly, Engineer Sherif Ismail, Assistant to the President for National and Strategic Projects, Tarek Amer, Governor of the Central Bank, Hala El-Said, Minister of Planning and Economic Development, Mohamed Maait, Minister of Finance, and Hisham Tawfik, Minister of Business Sector General, Nevine Gamea, Minister of Trade and Industry, Major General Mohamed Amin, Advisor to the President of the Republic for Financial Affairs, and Walid Abul-Majd, Director of the National Service Projects Authority for the Armed Forces.

 

Bassam Rady, official spokesman for the Presidency of the Republic, said that the meeting dealt with "following up the government's plan for the offering program for state-owned companies," according to a statement.

 

The Minister of Finance, in his capacity as the rapporteur of the IPOs Committee, presented the state's plan for the IPOs program until December 31 of this year, with the identification of companies nominated in this framework to trade their shares on the Egyptian Stock Exchange. 

 

The Governor of the Central Bank also reviewed the contribution of the banking sector to the offering program during the coming period.

 

 

The official spokesman added that the president was also briefed on the government's plan regarding the auto industry, directed to continue working on deepening the national industrialization of electric cars, especially the industries that feed them, in order to keep pace with the global trend in this framework.