Egypt: Govt's Recently Launched IPO ProgramSource: www.export-egypt.com 4/3/2018, Location: Africa |
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Within the framework of the ongoing comprehensive reform program adopted by the government, a promising IPO program has recently been announced as a means to expand ownership base, raise additional funds for Egyptian companies, to lure more investments and to optimize the State's assets.
In its capacity as the committee rapporteur and in cooperation with the related ministerial group, the Ministry of Finance went on studying potential initial public offerings (IPOs) and State-owned companies in all their forms and legal nature. As an outcome, a comprehensive and promising program has been laid down, entailing offering public stocks in more than 20 companies. The latter are varied between being first-time listed companies and ones whom the government shall increase its offered shares in capital market. President Al-Sisi has lately reviewed the set program, giving directives to embark on its launching and implementation in the offing. He also mandated that all the State's entities shall abide by the set plan and mobilize all facilities to successfully carry out the program, given its importance in boosting investments and increasing trading volume at the capital market. Total amount of offered stocks within the said IPO program is expected to worth 80 billion EGP approximately, and market value of offered companies to around 430 billion EGP. Offered shares of companies are decided to range between 15%-30% unless public shares are lesser in value. The program is set to be implemented over 24 - 30 months, in attempt to expand ownership base, market capital and daily trading volume. |
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