EGX Holds Its Annual Press Conference For The Year 2022

The Egyptian Exchange (EGX), held its annual press conference to review developments in the Egyptian Capital Market in 2022. Rami ElDokany, Executive Chairman of EGX, stated that the second half of 2022 witnessed unprecedented figures in the history of the Egyptian Market, whether in trading volumes or values or the number of new investors registered in the Egyptian Exchange.

He added that 2022 saw the listing of five new companies with an issued capital of EGP 560.6 Million, namely; Macro Group Pharmaceuticals, Port Said Container & Cargo Handling and Damietta for Container & Cargo Handling, listed in the main market, and Lotus for Agricultural Investment & Development and General Warehouses of Egypt, listed in the SME market.

As for the government privatization program, he stressed that it is the responsibility of the Government Privatization Committee. It is responsible for the timeline for listing and offering of these companies, including listed government companies aiming to increase their capital and offer additional shares during the coming period, taking advantage of the good situation of the Egyptian market. He added that the market has already witnessed it during the IPO of e-Finance, which amounted to EGP 5.8 billion and was covered 68 times.

The Chairman of EGX pointed out that there are some companies in the pipeline for listing and offering, but are waiting for the right time in accordance to the vision of the government, the IPO Committee, and the management of these companies. Examples of these companies are Banque du Caire, Misr Life Insurance, and the Egyptian Drilling Company.