EGX to start first state-owned public offering in Q1 2018

CAIRO – 30 July 2017: The Egyptian Exchange (EGX) will take a decision regarding stock market listing of state-owned companies and banks in the first quarter of 2018, Chairman Mohamed Omran said Sunday.

Addressing a press conference on the stock market’s performance from 2013 to 2017, Omran said that the EGX is now qualified for receiving public offering (IPO) of a state-owned institutions, noting that EGX has already received offering requests from Banque du Caire and the Engineering Co. for the Petroleum & Process Industries’ (ENPPI).

Earlier in July, the executive director of investment bank CI Capital Mahmoud Attallah said in a TV interview that around 24 percent of ENPPI’s shares will be offered for listing.

The government is launching an IPO program that will offer shares in several state-owned companies over the next three to five years in fields such as petroleum, services, chemicals and real estate to help boost state finances.

Omran said that Egypt came first in the region in terms of offerings volume, despite the slowdown of offering activity internationally and regionally.