The Board of Directors of the Financial Regulatory Authority (FRA) agreed to extend the deadline granted to companies whose securities are listed on the Egyptian Stock Exchange (EGX) and did not complete the procedures for implementing their initial public offering (IPO) for another six months ending on June 30, 2022.
These companies must comply with providing the stock exchange, no later than 31/3/2022, with a time plan that includes the actions they will take to implement the offering and the approval of the Stock Exchange’s management.
The Financial Supervision had granted companies whose shares were already listed on the stock exchange and did not implement the offering after a period of six months, which ended on December 31, 2021, to offer part of their shares on the stock exchange.
Banque du Caire is one of the most prominent companies whose shares were listed on the stock exchange several years ago, and then postponed the offering since then.
The bank - Egypt's third-largest state bank - aims to raise about $500 million through the public offering, which has been delayed for years, which is expected to be the largest sale of state assets in the country since 2006.
During 2017, and actually listed its shares in February of that year, but that was postponed, so that the bank later decided to offer 20% to 30% of its shares on the stock exchange in April 2020, but the offering was postponed again to the end of 2021 due to market turmoil caused by the pandemic. COVID-19".
A period may pass between listing and the start of trading, and the offering of listed companies has already been postponed for long periods due to changes in market conditions.
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