The Egyptian Exchange (EGX) has officially approved a request from Kuwait-based Al Salam Group Holding to list its shares as ADRs, EGX Chairman Mohamed Omran told state-owned news agency MENA.
The bourse received the approval of the Egyptian Financial Supervisory Authority on the stock listing, Omran said, adding that EGX will request the company this week to complete required documentation in addition to defining the percentage of share offering.
According to the top official, the group’s ADRs are expected to start trading late this year or early in 2014 at most.
Last Monday, Omran said that Kuwait-listed Al Salam Group made good progress in listing its shares on Egypt’s bourse as Egyptian depository receipts (EDRs). Al-Salam was listed on Dubai Financial Market (DFM) on September 29, 2013 under the symbol ‘Alsalamkw’. It remains only one of eight Kuwaiti companies listed on DFM.

Omran also revealed that EFSA issued a final approval on floating 10% of Misr National Steel -Ataqa and Orascom Hotels & Development (OHD).
Ataqa operates with EGP 150 million capital, divided into 30 million shares at EGP 5 par value each. The company will offer 10% of shares as free float at EGP 40.19 each, totaling EGP 60 million.
The offering will be divided into a private placement and a public offering, which will be managed by HC Securities.
Meanwhile, OHD is capitalized at EGP 1.109 billion, divided into 221.9 million shares at EGP 5 par value each.