The Egyptian Exchange (EGX) announced today the Listing Committee approval to list 2 new companies in the main EGX’ market. The 2 companies are (El Tawfiq leasing company) which operates in the leasing field with a nominal capital of LE 200 Million, and Raya contact center company that works in the communications field with a nominal capital of LE 50 Million.
The listing committee decision states the acceptance to list 2 companies with a pledge to perform public offerings with the percentage specified in the rules within a period not exceeding 6 months of the listing date as a step before start trading them in accordance with article 7 of the listing rules.
Dr. Mohammad Omran, EGX chairman said "a promising start for the year 2015", "in our perception the companies’ demand for listing reflects a positive view for the future economic situation". Omran stated that the listing’ rate in the recent period predicts that 2015 will witness a significant activity in public offerings and capital’ increases due as per provided in the rules with regard to the request from companies to perform an IPO for a percentage of their shares within 3 months from the listing date, stressing that the main EGX’ role is to support the economy by facilitating access to funding for corporate growth and expansion.
Omran pointed that despite the interest to attract promising companies to list, but EGX doesn’t just focus on quantity, but it gives a very high concern to the quality criteria, which was clear in the listing rules’ amendments performed several times to list companies with strong financial positions that apply clear corporate governance rules, which adds to the market’ depth.
It is noteworthy that EGX was able to list 13 companies during the year 2014 through implementing a strategy that depends on targeting the promising companies to attract them to list, moreover the facilities that have been taken with regard to the listing’ procedures and documents, so the total listed capital during the last 14 months was about LE 2.2 Billion.
