Banque Du Caire SAE : Egyptian bourse chief expects four IPOs in second half of year

CAIRO, June 13 (Reuters) – The head of the Egyptian stock
exchange said on Sunday he expects four companies in the IT,
agriculture and chemicals industries to conduct initial public
offerings (IPOs) in the second half of 2021.

Bourse chairman Mohamed Farid did not name any of the
companies.

Reuters reported on Thursday that Egypt’s financial
regulator had given state-owned Banque du Caire and
three other listed companies until the end of the year to
complete their IPOs.

“State-owned offerings are under the purview of the relevant
ministerial committee,” Farid told Reuters when asked if the
bank was among the companies he mentioned.

The bank’s IPO would represent the biggest sale of Egyptian
state assets since 2006.

The other three listed companies given notice by the
regulator were Sky Light for Touristic Development, New Castle
for Investment Sports, and City Trade Securities and
Brokerage, Reuters reported on Thursday.

In Egypt, companies are allowed to list on the exchange
before actually offering shares to be traded.
(Reporting by Ehab Farouk
Writing by Nafisa Eltahir
Editing by David Goodman and Andrew Heavens)

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