EGX Chairman Participates With "City Lab" In “Ring-The-Bell" Ceremony To Celebrate Trading Commencement

Ahmed El-Sheikh, Executive Chairman of The Egyptian Exchange (EGX), opened the trading session on Thursday, February 29, 2024, in participation with Dr. Ali Al-Saeed - Chairman of the Board of Directors of “City Lab” Company, and the presence of Heba El-Serafi, EGX’s Vice Chairman, and Dr. Mohamed Al-Mannan, Vice Chairman and Managing Director of City Lab, as part of the “Ring-The-Bell” ceremony held by EGX to celebrate trading commencement on  the company’s shares being listed in the small and medium-sized companies market.
 
El-Sheikh congratulated the company's leaders on finalizing the listing process and commence of trading, and he encouraged them to benefit from the listing advantages. He added: EGX is implementing a plan to improve the small and medium-sized companies market as included within the announced EGX’s strategy. Listing on SME’s market will be subject to implementing the listed companies’ announced plans for expansion, growth, increasing business volume, and subsequently moving to the main market.
 
El-Sheikh explained that EGX is a vital financing platform within the national economic system that allows listed companies to obtain financing necessary for growth and expansion, which ultimately leads to increased production, the creation of more job opportunities, and higher employment rates. Therefore, EGX works to encourage companies with promising growth opportunities and solid financial solvency to list and benefit from the advantages of listing. He extended his thanks to EGX’s listing and promotion teams in appreciation of their continuous efforts that resulted in listing number of companies during the last period.
 
He said that EGX has been working to enrich the sectoral diversity of listed companies by attracting several companies from various sectors for listing, which leads to covering the largest possible number of active sectors in the national economy in order to improve the supply side of the stock market.
 
Dr. Mohamed Al-Mannan, Vice Chairman and Managing Director of City Lab, said that listing represents an important step in the company’s strategy for expansion and geographical spread. He added: listing provides the company with many opportunities to access financial markets to raise the necessary funds for expansion and increasing the number of branches in various governorates. He also explained that the company aims to increase capital and then move from SME’s market to the main market during the coming period.
 
City Lab Company (CILB.CA) works in the field of establishing and operating medical laboratories, and the company’s issued capital amounts to EGP 64,000,000 divided into 640,000,000 shares with a nominal value of EGP 0.1 per share.