- Omar Radwan: The experience of “Future Care” represents a successful model reflecting ability of the Egyptian financial market to support companies in their different stages of growth
- Ayman Bin Khalifa: Transition of “Future Care” to the main market reflects progress of the company and growing trust in its performance
The Egyptian Exchange (EGX) rings-the-bell today celebrating commencement of trading on the shares of Future care for Medical Industries (FCMI) on the main market. This follows its official transition from SMEs market, after meeting all the required rules and regulations. The event marked the attendance of Mr. Omar Radwan, EGX Executive Chairman; Mr. Mohamed Sabry, EGX Vice Chairman; Dr. Ayman Bin Khalifa, Chairman of FCMI; and several leaders of EGX and (FCMI) representatives.
This step comes after “Future Care for Medical Industries” successful completion of capital increase in its issued and paid-up capital by EGP 57.5 million, increasing its market capital from EGP 57,671,796 million to EGP 115,171,796 million.
This reflects ability of the company to benefit from the financial market obtaining the necessary funding to support its future plans, along with reaching free float percentage of 99.9974%.
During his speech, Omar Radwan emphasized that “Future Care” represents a successful model reflecting the ability of the Egyptian financial market to support companies in their different stages of growth. He pointed out that the experience of this company is an important example for start-up companies and SMEs on the importance of benefiting from the financial market to support growth and expansion plans.
EGX Executive Chairman clarified that the company started initial listing by the end of year 2012, with EGP 4 million capital and only 8 shareholders. It succeeded through several consecutive capital increases, in addition to adherence to disclosure, governance, and wise management to increase its capital to more than EGP 115 million.
Radwan pointed out that this growth extended to cover expansion of ownership base, to include around 4,966 shareholders today. It’s expected that the market capitalization of the company approach EGP 885.6 million after listing of additional shares according to the latest closing price.
Omar Radwan added that this achievement clearly reflects the ability of SMEs market to provide a supportive environment for promising companies growth and qualify them for transition to the main market, enhancing their ability to expand and develop their businesses benefiting from the advantages of the financial market. He pointed out that EGX recently signed cooperation protocol with Micro, Small, Medium Enterprises Development Agency (MSMEDA) aiming to provide a package of facilities and incentives for SMEs, encouraging their listing on EGX, supporting their growth plans, and expanding their businesses range.
From his side, Dr. Ayman bin Khalifa, CEO of Future Care for Medical Industries, said that success of the company in fully covering the capital increase and transition to the main market reflects trust in the company’s performance and its future plans. He highlighted the capability of the capital market to provide the necessary funding to support plans of expansion and investment.
He added that the company targets directing its resources during the coming stage to develop and upgrade its factories, increasing its production capacity, and expanding manufacturing of medical products and supplies. This supports health care sector and pharmaceutical industries, besides creating new job opportunities.
He pointed out that the continuous development of the financial market reflects the state’s attention to enhance role of the market in supporting economy and providing effective financing channels for companies. He praised the efforts of the government and EGX’s management in developing the financial market system, enhancing its efficiency and improving its ability to support companies in funding their investment and expansion plans. This will help “Future care” in the coming period to achieve its goals: developing its factories, increasing its production capacity, and expanding its activities, which accordingly will create new job opportunities and enhance contribution of the company in the health care sector and medical industries.
Listing of future care on the main market enhances the ability of the company to reach a broader base of investors and benefit from the available financing tools through the financial market. This allows supporting capital expansion plans and funding productive investments according to the needs of the company and its future plans.
