The Egyptian Exchange (EGX) celebrated today, at its historic headquarters down town Cairo, ringing the bell on the occasion of 30 years since the launch of The Commercial International Bank (CIB) Global Depository Receipts (GDRs) in the global markets.
The celebration witnessed participation of: Omar Radwan EGX Executive Chairman; Mohamed Sabry, EGX Vice Chairman; Hesham Ezz Elarab, CEO of CIB; Islam Zekry, CFO CIB Group, Operation Officer and Executive Board Member; Yasmine Hemeda, CIB Head of Investor Relations; Tony Tooma, Vice President, Head of Middle East & Africa Relationship Management Bank of New York; Mahmoud Salem, Managing Director in BNY Mellon’s Issuer Services sector; Ghada Abdelhady Kandil, Chief Representative BNY Mellon- Egypt; Mohamed Akl, Senior Account Manager, MEA at London Stock Exchange Group (LSEG); besides the participation of a number of financial market experts and success-partners in the Egyptian and international financial markets.
From his side, EGX CEO emphasized that celebrating 30 years since launching CIB GDRs marked a milestone in the history of the Egyptian financial market. He pointed out that EGX historic headquarters and trading hall witnessed several important milestones that shaped the market, on top of which is the launch of the first GDRs program in 1996.
Radwan added that celebrating 30 years of launching GDRs highlights EGX’s commitment to continue developing the financial market, and opening new horizons of cooperation with various partners, enhancing depth of the market and increasing its attractiveness to investors.
The EGX CEO also thanked all the companies and institutions participating in the event, appreciating the long partnerships, which contributed to support the Egyptian financial market throughout the past years.
In the same context, Hesham Ezz Elarab said that CIB worked on building a balanced structure of shareholders that attracted International investment institutions, benefiting from accumulated experience in managing investor relations, contributing to attracting several global investors and investment funds. This enhanced its position in the financial market and intensified the trust of investors in its performance.
Ezz Elarab emphasized that the companies targeting sustainable growth and various funding resources should increase the percentage of free float. He pointed out that the increase of free float percentage directly affects the attractiveness of the stock and its evaluation in the market.
Hesham Ezz Elarab confirmed that increasing the Free float percentage should accompany full adherence to disclosure and transparency standards, being the two main pillars enhancing trust of investors, achieving fair evaluation of the companies and supporting their ability to attract capitals and achieve sustainable growth.
