This decision came due to the repercussions of the emergence of coronavirus globally and locally, and its impact on stock exchanges in all over the world.
He said that global and oil market declines are normal due to the current crises and the global panic of the coronavirus.
The company canceled the offering of 10 percent through the management contract and another 15 percent would be put on the stock exchange.
Orders reached 89.11 million shares, exceeding the the allocated total number of the offering which is 66.5 million shares.
A review of all ups and downs in Egyptian economy and the stocks market in 2019, as well as positive expectations for 2020.
The bank also is open to sell part of the stake to a foreign investor during the initial public offering (IPO), added Eletreby during an event late on Monday.
Co-CEO of CI Capital added that the company's financial services portfolio in 2019 amounted to LE 10 billion, compared to LE 7.8 billion in 2018.
"Offering state-owned companies is one of the most important steps that countries take to revitalize the stock market,"Farid stated.
Sisi stated that the companies will be available for all Egyptians and not just the private sector.
The IPO starts with at least LE 100 and has no upper limit, the Planning Ministry said in a statement on Wednesday.
The stock climbed by the daily 10 percent limit to 38.7 riyals at the open in Riyadh before trimming gains.
The minister affirmed that the only offering made under the programdemonstrated the investors' appetite to invest.
The Company referred that the IPO will be closed on Wednesday, Dec. 4.
The issued executive procedures allowed the competent committee of the Stock Exchange to change any of the regulatory dates for the offerings.
"According to the proposed schedule, the offering will be completed before the end of the year," Omran stated.
Madbouli stated some economic figures during his visit to BeniSouifto inspect two projects to develop slums.
The company added in a filing to EGX that the major shareholder in the Egyptian telecom operator said that listing an additional stake is still being considered.
Ma’it added on the sidelines of the Euromoney conference that floating public companies in the bourse may happen at any time.
The second phase includes 10 companies, containing eight mining and industrial companies, in addition to e-finance and Banque du Caire.
Arabs and foreigners represented 19.7 percent of the IPO and 49.3 percent of the private offering.