Celebrating Transition To The Main Market: EGX Chairman Participates In The “Ring The Bell” Ceremony With International Company For Fertilizers & Chemicals Leadership

On Thursday, September 19, 2024, International Company for Fertilizers & Chemicals held (ICFC.CA) a press conference as part of the "Ring-the-Bell” event organized by The Egyptian Exchange (EGX) to celebrate the company's transition from the small and medium-sized companies market to the main market.
 
Ahmed El-Sheikh, Executive Chairman of the EGX, Heba El-Serafi, Vice Chairman of the EGX, Nourhan El-Gabaly, Board Member of the International Company for Fertilizers and Chemicals, attended the ceremony, along with the top management of both the EGX and the Company.
 
El-Sheikh said that transition to the main market reflects EGX’s successful strategy to encourage listed companies on the SME’s market to expand their operations and increase capital in order to move to the main market, he also emphasized the vitality of the fertilizer sector and the renewed opportunities it provides for growth and export at both global and local levels.
 
El-Sheikh added that the EGX, in coordination with Financial Regulatory Authority (FRA), has implemented a clear strategy to improve the SME market. Currently, companies seeking to list on this market requires companies to prove their commitment to expand and to implement their growth plans, paving the way for a potential transition to the main market. This strategy has yielded positive results, with seven companies successfully transitioning from the SME market to the main market, and today is the eight".
 
He explained that EGX’s SME market operates on the principle of a 'business incubator.' Companies listed on this market are expected to remain for 3-5 years, during which they can leverage their listing to execute expansion plans and ultimately transition to the main market. We encourage companies with promising growth prospects and strong financial adequacy to take advantage of the benefits of listing.
 
El-Sheikh also highlighted the EGX's current strategy to promote sustainability which involves engaging with listed companies to encourage them to issue carbon credits. These certificates will be listed and traded on African Voluntary Carbon Market alongside the shares of companies listed on the EGX equity platform. It is anticipated that some companies will be able to obtain these certificates within the next 12 to 18 months.
 
Nourhan El-Gabaly, Board Member of International Company for Fertilizers and Chemicals, stated that the company's future plan is to expand in all current business areas, and to enter new ones, such as land reclamation projects, agricultural manufacturing, seed production, and various investments in agriculture. This expansion aims to help meet the needs of new agricultural areas within the New Delta, Toshka, East El-Oweinat, Farafra, Sinai, and the Egyptian countryside project for agricultural production requirements, ultimately diversifying the sources of profit for shareholders.