As part of the Egyptian Exchange (EGX) efforts to support the economic development plans and to help in financing the Egyptian companies, the fiscal year 2013/2014 has witnessed a noticeable boom in the public offerings for capital increases to reach high levels to LE 10 Billion which is equivalent to more than 8 times of the increases achieved during the year 2012/2013.
The first half of the year 2014 has witnessed a big increase in the public offerings with about LE 5.5 Billion, which is more than the total increases achieved during 2013, and more than 430% from the total increases achieved during the year 2012.
From his part, Dr. Mohammed Omran, EGX chairman, said that the first half of 2014 witnessed the first public offering since January 2011 revolution, and the offering high coverage ratio reflects the investors' positive estimates about the economic performance.
Omran pointed that this progress is also due to the latest listing rules improvements that simplified procedures and reduced the listing approval duration to 24 hours in some cases, which represents a positive evolution in EGX trading framework.
EGX chairman stated that access to finance is one of the most important factors used by the international organizations in assessing the investment climate in any country. He anticipated that those steps will help to improve the evaluation of Egypt with this regard, stressing on EGX continuing efforts to facilitate and simplify procedures. Omran predicted the continuation of this positive trend in presence of serious governmental steps for the economic reform to increase the investors' optimism about the future economic status in Egypt.
