Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

EGX Chairman: 23 Public Companies to be Listed on Stock Exchange in 2023

Tue 03 Jan 2023 | 09:59 PM
Taarek Refaat

Rami El Dokany, Chairman of the Egyptian Stock Exchang said that more than 23 public sector companies are nominated for Initial public offering (IPO) or additional offering on the stock exchange during  2023.

El Dokany added, during a press conference held today to announce the 2022 harvest, that the number of companies expected to be listed are 8, namely, Bank of Alexandria, Misr Insurance, Enppi Petroleum, Assiut Oil Refining, Middle East Oil Refining-Midor, Egyptian Ethylene and Derivatives Production, Ethydco. , Al-Wadi for Phosphate Industries and Fertilizers, and the Egyptian company Methanex for methanol production, according to the Middle East News Agency.

As for the companies already listed on the Stock Exchange and are nominated to offer additional shares, the Chairman of the Stock Exchange explained that the number of them reaches 9 companies, which are represented in Alexandria Mineral Oils - AMOC, Housing and Development Bank, e-finance for Financial and Digital Investments, Nasr City for Housing, Heliopolis for Housing, Misr for Aluminum, Sidi Kerir Petrochemicals, Abu Qir Fertilizers, and Alexandria Container Handling.

He pointed out that there are 4 companies already ready to be offered directly without waiting for any special exits before the offering, namely, Banque du Caire, Misr Life Insurance, the Egyptian Drilling Company, and the Egyptian Company for the Production of Alkyl and Linear Benzene.

The head of the stock exchange indicated that this is based on what was announced in the government companies’ offering program, which started in 2017, and only a small percentage of it was achieved, pointing out that the new offerings will lead to an increase in liquidity rates and the attractiveness of the Egyptian market to foreign investors.

He stressed that offering new companies on the stock exchange will also work to achieve the greatest degree of stability in the market and reduce price fluctuations, which currently suffers from the control of a limited number of shares, indicating that the stock exchange management is working on a strategy to promote in order to attract new companies and work to increase trading from by stimulating the demand side.