The company explained in a statement to the Egyptian Stock Exchange, Wednesday, that a promotion contract was signed with CI Capital to promote and cover initial public offerings (IPOs), EFG Hermes to promote and cover the subscription, and Al Ahly Pharos to promote and cover the subscription in securities.
This came during the activities of the second day of the CEO Conference.
Madbouly explained during the cabinet meeting 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 Egyptian Stock Exchange, and raise the market capital to be more attractive to investors
This came during an open dialogue with representatives of the business community and development partners, during the conference organized by the Egyptian Businessmen Association.
This came in a meeting chief executive of capital markets at the London Stock Exchange, Murray Ross, and Charlie Walker, head of primary markets at the stock exchange. EGX received Wednesday the incomer number 241 in the list of listed companies, e-finance for financial and digital investments, a leading company in the development, management and operation of technological networks for digital transactions.
EGX said in a statement, Monday, that the public offering numbered 25.77 million shares, representing 6.17 percent of the total shares offered for sale, which represented 1.61 percent of the company's total issued shares.
The committee presented the proposal during a meeting it organized with the head of the Egyptian Stock Exchange via video conference technology.
The offerings will include a number of state-affiliated companies, refusing to mention their names until the official announcement after completing all the various aspects.
This statement came on the sidelines of the signing of a cooperation protocol with Nabila Makram, Minister of State for Immigration and Egyptian Affairs Abroad.
“The offering will be considered again,” he said.
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.