SCZONE showcases investment opportunities to eight Japanese companies    Egypt urges Israel to accept Gaza deal amid intensifying fighting    Egypt, ADIB explore strategic partnership in digital healthcare, investment    Egypt's PM meets Tokyo governor, witnesses signing of education agreements    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Egypt's Sisi, France's Macron discuss Gaza ceasefire efforts in phone call    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Indian tourist arrivals to Egypt jump 18.8% in H1-2025: ministry data    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    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.



HHD's offering on EGX postponed to 2020 until settling management contract
ALCN, AFC listings expected to be deferred to 1Q 2020
Published in Daily News Egypt on 27 - 10 - 2019

Government sources told Daily News Egypt that Heliopolis Company for Housing & Development's (HHD) offering on the Egyptian Exchange (EGX) has been postponed to early 2020, awaiting the settlement of the company's management contract.
A shortlist is currently being prepared of the companies showing interest to acquire 10% of HHD shares to manage the company and it will be revealed in mid-November, followed by offering the prospectus for the management in December, and implementing the 10% acquisition.
The sources added that the decision of the postponement comes within the framework of allowing the new management company to participate in the procedures and implementation of the forthcoming initial public offering (IPO) and look into benefiting from the proceeds for the best purpose.
The sources also pointed out that Alexandria Container and Cargo Handling Company (ALCN) offering has been postponed to early 2020 until the market condition and turnover improve, which is also expected to likely happen to Abu Qir Fertilizers Company (AFC).
The sources predicted that no government proposals will be implemented during 2019, beginning the program in 2020. Yet, the EGX may see one private sector offering.
Amr Hussein Elalfy, head of research at Shuaa Securities, believes that the negative conditions in the stock market regardless of their reasons, will postpone the offerings of both private and public companies on the EGX until the market situation improves. He highlighted a former statement by the Minister of Public Enterprises, Hisham Tawfik, saying that IPO of different companies awaits the market to improve.
Tawfik said that the market conditions and the turnover are the main determinants for the government's IPO programme, where the lack of suitable conditions would push the offerings to a later time.
The government was planning to start the second phase of the IPO programme in September, with new unlisted companies to be offered on the stock exchange.
The minister said in a previous press statement that it is targeted to float four or five companies on the EGX starting September or October, adding that the government will announce a list of the companies to be enlisted in the coming period, with priority given to manufacturing and mining companies, along with ENPPI.
A 20-30% stake of ALCN will be floated, along with a similar stake in AFC as part of the first phase of the government's IPO programme. Both were due to be offered during Ramadan holy month, according to previous remarks made by Tawfik.
The government announced the first phase of the government's IPO programme last year, involving 23 companies and banks, only offered an additional stake of 4.7% of Eastern Company in March.


Clic here to read the story from its source.