Fastest News Updates around the World

Egypt announces details of plan to list state-owned companies on stock exchange within two weeks

24

- Advertisement -

According to statements by Egyptian Prime Minister Mostafa Madbouli, Egypt intends to announce a plan to list state-owned companies on the stock exchange in 2023 within two weeks.

Madbouli said in statements from the New Administrative Capital that “the council will announce a plan to offer all companies to be offered on their behalf during 2023.”

The Prime Minister said that he had recently discussed the revitalization of the Egyptian Stock Exchange, stressing that in less than two weeks a plan to list state-owned companies on the stock exchange would be announced.

Madbouli added during a press conference that a number of international organizations have praised Egypt’s economy, noting that Standard & Poor’s has confirmed Egypt’s economic classification.

The forthcoming announcement comes after a series of postponing of the placement plan as a result of unfavorable market conditions, as well as in connection with the implementation of the government directive to activate the state property document, open the way for the private sector and revitalize the capital market.

The annual report of the Egyptian Stock Exchange on January 3 revealed the readiness of 4 state-owned companies in preparation for listing their shares on the exchange under the placement program, including Bank Cairo, Misr Life Insurance, Egyptian Drilling, and Elap belonging to the oil sector.

The stock exchange report also expects shares of 8 companies to be listed and floated under the state placement program, which includes Enppi, Misr Insurance, Bank of Alexandria, Midor, Ethydco, Assiut Oil Refining Company, and the Egyptian “Metanex” for the production of methanol, and the valley for the production of phosphates and fertilizers.

Source: Egyptian media + agencies

Leave a Reply

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More