Al-Tawfeek starts EGX trading

CAIRO – 28 December 2017: Financial lease firm Al-Tawfeek Leasing Company started trading its shares on the Egyptian Exchange (EGX) Thursday to be the 222nd floated company, the EGX said in a statement.

Al-Tawfeek is the first financial leasing company to be floated in the stock market, “which supports the EGX vision to attract companies from different sectors to achieve economic growth,” vice chairman of the EGX Mohsen Adel said.

Al-Tawfeek Leasing Company’s initial public offering (IPO) was 28 times oversubscribed at the beginning of the week. The initial buying demands of Al-Tawfeek shares were 134.45 million shares, the EGX added.

Last week, Al-Tawfeek said that institutional offering is 40.16 times oversubscribed for 14.4 million shares at a total value of LE 95.04 million.

The final price set for the 4.8 million shares’ public offering, which accounts for 25 percent of the total offering, is LE 6.6 per share, Al-Tawfeek announced last week.