PM Mostafa Madbouly said that the Egyptian government intends to make an initial public offering (IPO) for 5 or 6 state-owned companies on the Egyptian Stock Exchange (EGX) before the end of the current fiscal year.
In a statement to the cabinet, Madbouly explained that the government is aware of the importance of increasing the offerings of public companies; in order to enhance the role of the stock market, develop and revive the movement of capital flow and trading in the stock exchange, which raises the market capital to be more attractive to investors.
This came on the sidelines of an extensive meeting held by the premier with EFG Hermes Holding, and representatives of 28 financial and investment institutions from Saudi Arabia, UAE, US, UK, the Netherlands and South Africa to discuss possible cooperation opportunities to attract direct foreign investments (FDI) to the Egyptian market.
Last October, the Egyptian Stock Exchange’s trading platform received e-finance for financial and digital investments – the 241st newcomer – on the list of companies whose securities are listed on the stock exchange’s tables.
The latest Egyptian stock exchange data revealed that e-finance topped the list of the largest IPO on the stock exchange, with a value of EGP 5.8 billion, exceeding the value of Telecom Egypt’s offering in 2005, with a value of EGP 5.1 billion.