Dr. Islam Azzam, EGX Chairman, and Mr. Mohamed Sabry, EGX Vice Chairman inaugurated the session Ringing-the-bell celebrating commencement of trading Gourmet Egypt.Com Foods, in the presence of: Mr. Michael Wright, Chairman of Gourmet Egypt; Mr. Shady Abu Saad, Managing Director Gourmet; Mr. Tarek Elmahdy, Financial Director Gourmet, along with several leaders from the company, representatives of financial institutions, and financial market.
During his speech, Dr. Islam Azzam emphasized that listing shares of Gourmet Egypt.com is a crucial step, reflecting growing trust in the Egyptian market and its ability to accommodate promising companies from various sectors such as trading and distribution, which represents one of the key drivers of national economy. Gourmet company capital reached EGP100 million, distributed over 400 million shares.
EGX Chairman pointed out that trading and distribution sector has a unique nature that differs from many other activities, being the link between production and consumption. He emphasized that listing companies from this sector in EGX enhances sectoral diversity providing broader opportunities for investors, and supporting market depth as well as pricing efficiency.
EGX Chairman explained that this sector currently includes 9 listed companies, of which 6 companies are on the main market with market capitalization about EGP30 billion, before the listing of Gourmet Egypt, while 3 companies are listed on SMEs market.
Azzam added that this listing contributes to expand the base of listed companies, attracting new segments of investors: both institutions and individuals, enhancing liquidity and market stability in the long term. He also praised the regulatory and administrative efforts that accompanied the offering process and the start of trading.
In this context, Mr. Maged El-Ayouti, EFG Hermes Co-Head of Investment Banking division, expressed being proud of the success of Gourmet company offering on The Egyptian Exchange, which witnessed very strong institutional participation from regional and international investors, besides individual investors. It marks a milestone reflecting expectations of revival in initial public offerings activity during the coming period.
From his side, Mr. Michael Wright, Chairman of Gourmet Egypt, said he’s proud to Ring-the-bell starting trading in The Egyptian Exchange, emphasizing that listing represents an important milestone in the journey of the company, which supports its expansion plans, and enhances its ability to achieve sustainable growth within the framework of its commitment to implementing best governance and transparency practices.
The celebration concluded in a positive way that reflected trust of market participants in the future of Gourmet Egypt.com, as well as the ability of the Egyptian market to attract new companies from various sectors, contributing to deepening the market and enhancing its role in supporting sustainable economic growth, while providing effective financing channels for ambitious companies, serving both interests of investor as well as national economy.
