Egypt to float shares of five state-run companies

Five Egyptian state-run companies will be listed during the fiscal year (FY) 2021/2022, on the country’s stock exchange, Egyptian Exchange (EGX).

Finance Minister Mohamed Maait speaking to CNBC Arabia said the companies include e-Finance, Banque du Caire, and Ghazl El Mahalla.

e-Finance, first to be listed, will float almost 258 million shares to investors, 177.8 million in a primary issue and 80 million in a secondary sale.

Banque du Caire, on the other hand, intends to relinquish 20-30% of its shares while Ghazl El Mahalla is looking to raise EGP 200 million on its EGX debut. Egypt is the only country in the MENA region to see an IPO during Q2 2021, Arab Finance reports.


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