Sisi affirms offering Armed Forces' companies on EGX

CAIRO - 26 December 2019: "Armed Forces' companies will be offered on the Egyptian stock exchange (EGX)," President Abdel Fatah al-Sisi affirmed Wednesday.

Sisi stated that the companies will be available for all Egyptians and not just the private sector.

This came during Sisi’s inauguration of the animal production complex in Fayoum, where he emphasized the need of the state to restore all lakes overlooking the Mediterranean and Lake Nasser in Aswan.

In Oct., Sisi stressed the necessity to allow the Egyptian people to have a share in the Armed Forces’ companies through selling these companies’ shares in the stock market.

During his speech, Sisi said that the Armed Forces’ companies must be offered to be part of the government's IPO plan, noting that Egyptians would get the opportunity to buy shares in these companies.

Financial market’s experts described Sisi’s speech as a positive message, indicating that the Egyptian stock market has drawn the attention of the political leadership and the government, which promises that the next is the best. They also believed that these offerings will attract investors and individuals.