EGX to witness 3 private offerings in 2019

CAIRO – 18 March 2019: The Egyptian Exchange (EGX) will witness three big offerings this year, including two listings worth LE 14 billion, Chairman of EGX Mohamed Farid said.

Farid added during his speech at the American Chamber (AmCham) that three private firms expressed their desire to enter the market, noting that the procedures of the offering have started.

He noted that the market value of the first company reaches LE 8 billion and the second one hits LE 6 billion, while the third one is still under evaluation.

About the timing of the offerings, he clarified at Egypt’s real estate industry conference that one of them will finish the procedures of the listing during the first half of 2019, and the other two will be floated in September or November 2019.

Farid stressed on Monday morning that offering the shares of a number of public companies on EGX is important to revive the market.

Farid added that the delay of listing the shares is not related to the bourse but to the companies themselves and their vision about the timing and the importance of the offering to reflect positively on them.

The chairman of EGX hoped for the completion of the companies' offerings in different sectors on EGX.

By the end of February, Egypt floated a stake of Eastern Company on EGX, and the public and private offerings on the bourse were completed Wednesday, March 6, with a total value of LE 1.72 billion.

Offering public companies' shares revives EGX: Farid

CAIRO - 18 March 2019: Offering shares of a number of public companies on the Egyptian Exchange (EGX) is important to revive the market, Chairman of EGX Mohamed Farid said.