IPO
During a press conference, Madbouly confirmed that Wataniya and Safi will be listed on the stock market by mid-next year. Additionally, shares of state-owned Alexandria Bank and Banque du Caire will also be included in the upcoming offerings.
According to the bank, the share price was set at LE 13.85, with the offering divided into two tranches.
The bank revealed the retail portion of its offering will take place between November 20 and 25, while the institutional segment will run from November 27 to December 3.
These initiatives align with the government’s objectives to attract investments, enhance economic growth, and strengthen foreign currency reserves.
The IPO could raise between LE 4.2 billion and LE 5.1 billion, with the final price to be determined through a book-building process.
The bank expects to issue the shares on the EGX by Q4 2024, contingent on prevailing market conditions and the finalization of approval procedures.
Tabarak Holding is set to make its long-awaited debut on the Egyptian Exchange (EGX) in the second half of 2025, according to chairman Ali Al Shorbany, planning to list 30 percent of its shares, marking a significant milestone for the company as it seeks to raise capital for future projects.
El-Kady revealed that the bank will be meeting with potential investors in the Gulf, Europe, and the USA to offer its shares, sharing that the bank could sell a maximum stake of 49 percent
Madbouly outlined the government's intention to present a diverse range of attractive investment opportunities to both Arab and foreign investors during the EU-Egypt Investment Conference, scheduled for June 29-30
This decision follows a suggestion from the World Bank and supports the government's plan outlined in its state ownership policy document
Details of the IPO will be disclosed once the final listing on the EGX is completed in Q2 2024, the release explained
Egypt aims to enhance private sector participation in public investments to reach 65 percent in the coming years
Maait clarified that the Prime Minister would disclose the details of the offerings plan in the coming period.
This step comes with the aim of helping to increase foreign exchange flows, and providing a portion of the foreign financing required to cover the needs of the Egyptian economy, in addition to continuing to achieve a primary surplus and growth in tax revenues.
The company was added to TSFE’s Pre-IPO fund earlier this year. According to sources, preparations for the potential IPO have begun but did not disclose further details
President Abdel Fattah El-Sisi previously announced the company’s IPO back in 2021 and was noted as potentially the country’s largest initial public offering in its history
Egypt is "one of the innocent countries that were injured by mistake, and that the government did a good job in reforming the country's economy.
President Abdel Fatah al-Sisi convened Tuesday with the heads of the National Petroleum Company (NPC) and National Co. for Natural Water in Siwa (Safi).
The EGX’s decision comes after the offering of Ghazl Al-Mahalla football was not covered, as the total quantities of orders registered in the private deals market in the initial public offering (IPO) amounted to about 17.6 million shares, with a coverage rate of 17.96 percent.
The stock exchange indicated, in a statement, that the underwriting will close on August 28.
