EGX Chairman First Meeting... EGX Chairman chairs the Listing Committee Meeting for Additional 6 Companies within the Government Offerings Program

Mr. Omar Radwan, EGX Chairman, held his first meeting today following the issuance of Prime Minister’s decree of appointing him as Chairman of the Board of Directors of the Egyptian Exchange (EGX). He chaired the Listing committee meeting in the presence of: Mr. Mohamed Sabry, EGX Vice Chairman; Dr. Hashem ElSayed, CEO of the state Owned Enterprises Unit; in addition to representatives from The Board of Directors of EGX.

At the beginning of the meeting, EGX Chairman welcomed the representatives of the 6 companies scheduled to be temporary listed on the market, in continuation of the implementation of the government offerings program. He emphasized the importance of this step in supporting state’s efforts to enhance efficiency of the financial market and expand the base of listed companies.

He clarified that 4 companies are qualified to be listed on the main market, in addition to 2 companies scheduled to be listed on the SMEs market. This reflects diversity of offerings and expansion of the market base.

The list of the companies scheduled to be temporary listed on the main market includes:

Sinai Manganese Company with an issued capital of EGP300,000,000 distributed over 20,000,000 shares; Spring & Transportation Needs Manufacturing Co. with an issued capital of EGP 125,000,000 distributed over 12,500,000 shares; in addition to The Egyptian Contracting Co. (AL-ABD) with an issued capital of EGP 369,433,000 distributed over 73,886,600 shares; as well as El Nasr Housing and Development with an issued capital of EGP 350,000,000 distributed over 70,000,000 shares.

 

The list also included two companies qualified to be listed on the Small and Medium Enterprises market (SMEs), which are: National Asset Management & Investment with an issued capital of EGP 55,000,000 distributed over 11,000,000 shares; and National Investment and Reconstruction Co. “NIRCO” with an issued capital of EGP 45,000,000 distributed on 9,000,000 shares.

 

From his side, Dr. Hashem ElSayed, CEO of the state Owned Enterprises Unit, confirmed that listing of these companies comes within the integrated plan to implement the government offerings program aiming to maximize the benefit from the state owned assets, and improving their management efficiency, contributing to support sustainable economic growth as well as increasing attractiveness of the Egyptian market for investments.

 

EGX Chairman pointed out that the listing of these companies comes within the implementation of the government offerings program, aiming at increasing the market capitalization, enhancing market depth, and raising liquidity rates, in addition to expanding the base of investors, and attracting more domestic and foreign investments.

 

He added that EGX continues to take all the necessary procedures to facilitate listing and trading, thereby supporting market stability and enhancing its competitiveness regionally and internationally.