22 Egyptian companies participate in 5th Egypt Equities Conference: CI Capital

CAIRO – 28 August 2018: Egypt’s top 22 listed corporates will attend the Fifth Annual Egypt Equities Conference in Cape Town, South Africa, over two days. The conference starts Tuesday, August 28, according to CI Capital the owner of the conference.

CI Capital clarified in a statement that the Egyptian firms will meet face-to-face with global buy-side asset managers, with mandates to invest in African and Middle Eastern equities controlling over $1 trillion of assets.

“This year’s conference tackles Egypt’s compelling investment story, despite current headwinds to EMs amid a rising US dollar and global tightening conditions,” the statement read.

The statement added that the Egyptian government continues to deliver its fiscal and monetary reforms, and to push its IPO plan and secondary offering pipeline of state-owned enterprises, clarifying that the program includes 23 public companies, with the first phase involving the sale of 20-30 percent stakes in five listed companies in 2H18.

“Another key macro factor is the continuation of the monetary easing cycle by Q418, a precursor for the pick-up in investment and consumption activities, and in earnings momentum for the corporates over the medium-term,” the statement referred.

It further noted that this backdrop should bode well for Egypt and help attract investments in a time where global investors are looking for unique opportunities across emerging markets.

“The government’s reform agenda, its IPO and secondary stake sales pipeline, along with the success growth stories of a wide range of companies in various sectors position Egypt as one of the key investment opportunities in the region,” Managing Director and Head of Brokerage at CI Capital Karim Khadr highlighted.

Khadr added, “CI Capital’s team continues to create different channels and platforms for global investors to remain well informed about Egypt’s compelling investment story, as well as companies that offer good stories and growth prospects.”

On another note, CI Capital marked a 36.2-percent increase in its first-quarter consolidated profits in 2018, recording LE 92.18 million ($5.2 million), taking into account minority rights, compared to LE 67.67 million during the same period of 2017.

The company’s financial indicators revealed that the company’s profit after tax and minority recorded LE 81.9 million, with an increase of 35 percent on a year-on-year basis.

Trading on CI Capital shares in the Egyptian Exchange (EGX) started on Monday, April 30.

The private offering of CI Capital was oversubscribed 6.1 times and reached LE 1.56 billion, determining the final price for the issuance of the company’s shares at LE 7.70 per share.

The IPO has allocated 22.5 million shares at a total value of LE 173.7 and it has been oversubscribed 29.5 times.

The listing of CI Capital Holding’s shares was approved by the EGX earlier with an issued capital of LE 411.45 million distributed over 411.45 million shares and a nominal value of LE 1 per share.

CI Capital is an investment bank in Egypt with market-leading investment banking, securities brokerage, asset management and research franchises.