Egypt's golf chief Omar Hisham Talaat elected to Arab Golf Federation board    Egypt extends Eni's oil and gas concession in Suez Gulf, Nile Delta to 2040    Egypt, India explore joint investments in gas, mining, petrochemicals    Egypt launches National Strategy for Rare Diseases at PHDC'25    Egyptian pound inches up against dollar in early Thursday trade    Singapore's Destiny Energy to invest $210m in Egypt to produce 100,000 tonnes of green ammonia annually    Egypt's FM discusses Gaza, Libya, Sudan at Turkey's SETA foundation    UN warns of 'systematic atrocities,' deepening humanitarian catastrophe in Sudan    Egypt's Al-Sisi ratifies new criminal procedures law after parliament amends it    Egypt launches 3rd World Conference on Population, Health and Human Development    Cowardly attacks will not weaken Pakistan's resolve to fight terrorism, says FM    Egypt's TMG 9-month profit jumps 70% on record SouthMed sales    Egypt adds trachoma elimination to health success track record: WHO    Egypt, Latvia sign healthcare MoU during PHDC'25    Egypt, India explore cooperation in high-tech pharmaceutical manufacturing, health investments    Egypt, Sudan, UN convene to ramp up humanitarian aid in Sudan    Egypt releases 2023 State of Environment Report    Egyptians vote in 1st stage of lower house of parliament elections    Grand Egyptian Museum welcomes over 12,000 visitors on seventh day    Sisi meets Russian security chief to discuss Gaza ceasefire, trade, nuclear projects    Egypt repatriates 36 smuggled ancient artefacts from the US    Grand Egyptian Museum attracts 18k visitors on first public opening day    'Royalty on the Nile': Grand Ball of Monte-Carlo comes to Cairo    VS-FILM Festival for Very Short Films Ignites El Sokhna    Egypt's cultural palaces authority launches nationwide arts and culture events    Egypt launches Red Sea Open to boost tourism, international profile    Qatar to activate Egypt investment package with Matrouh deal in days: Cabinet    Omar Hisham Talaat: Media partnership with 'On Sports' key to promoting Egyptian golf tourism    Sisi expands national support fund to include diplomats who died on duty    Madinaty Golf Club to host 104th Egyptian Open    Egypt's PM reviews efforts to remove Nile River encroachments    Al-Sisi: Cairo to host Gaza reconstruction conference in November    Egypt will never relinquish historical Nile water rights, PM says    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt's IPO programme has not been suspended – minister
Amwal Al Ghad Published in Amwal Al Ghad on 09 - 10 - 2019

There was no truth to recent reports that Egypt was suspending its Initial Public Offering (IPO) programme, Egyptian Public Business Sector Minister Hisham Tawfik said in exclusive statements to Ahram Online.
The programme has been postponed so that some legal conditions can be met, Tawfik confirmed.
Tawfik added that the public business sector ministry and the committee established to run the programme have not yet set a specific time to start the second wave of the IPOs, and that a timeframe will be announced after the required legal procedures are completed.
"Investments banks that are responsible for offering the listed companies have finalised their work, and the offering date will be announced soon," he said.
The IPO programme has listed 23 public sector companies to be offered on the Egyptian stock exchange (EGX).
The Ministry of Finance has announced the IPO programme will be implemented over two phases. The first was successfully launched in March 2019 by offering an additional stake of Eastern Tobacco Company at 4.5 percent of its shares.
The first wave of offerings has not yet been completed, and is supposed to witness offerings for the companies Abu Qir Fertilisers, Alexandria Container and Cargo Handling (ACCH), and Heliopolis Company for Housing and Development (HHD).
The Alexandria Mineral Oils Company (AMOC) was listed to be offered, but the government announced that it will be delayed due to its significant loses in the EGX.
As Egypt's Minister of Finance Mohamed Maait announced in April, the IPO would add about EGP 450 billion to the EGX's market capitalisation.
Meanwhile, head of E-Finance company Ibrahim Sarhan told Ahram Online in September that the company will be among those chosen to be offered on the EGX before the end of 2019.
Chairman of Prime Group and a Banque du Caire board member Tamer Wagih told Ahram Online in September that Banque du Caire will be among the listed companies to be offered in 2019 as well, which are signs that the IPO programme will be resumed before the end of 2019.
Source: Ahram Online

Clic here to read the story from its source.