Mubasher TV
Contact Us Advertising   العربية

Emaar, Etisalat Misr consider stock listing on EGX

Emaar, Etisalat Misr consider stock listing on EGX
Emaar
EMAAR
0.24% 8.17 0.02
e&
ETISALAT
0.22% 18.36 0.04
An official source at the Egyptian Financial Supervisory Authority (EFSA) said that talks are currently underway with a number of international companies operating in Egypt, topped by Emaar and Etisalat Misr, to list their shares on the Egyptian Exchange (EGX) over the coming period, according to Al-Khaleej newspaper.
The floating of the two UAE companies was delayed in the past due to political turmoil in Egypt, the source said, adding that these companies are set to agree with investment banks and financial institutions to manage the share offerings.
Hassan Fahmy, Chairman of General Authority for Investment and Free Zones (GAFI), told the gazette the Egyptian government introduced a number of new incentives early in 2014 to lure Arab and foreign investors to local equities.
Ehab Said, capital market expert, said the plans of property developer Emaar Misr to float on the Egyptian Exchange (EGX) prove the market attractiveness in the current period, especially amid stability at the political and security arenas. The share offering will positively impact the local market, as it aims to lure Arab and foreign funds, according to the expert. Mohamed Al-Abbar, Chairman of UAE’s property developer Emaar, said the listing of the Egyptian unit was spurred by the solid results achieved by the company. He added that defining the volume and value of the share offering is underway. Meanwhile, Ehab Rushdi, CFO, Etisalat Misr, said the Egypt-based arm of UAE’s telecom group Etisalat is considering an initial public offering (IPO) on the Egyptian Exchange (EGX), said. The telecom operator is awaiting the suitable time for the share offering, the official said, adding that his company is currently preparing for such a move. Rushdi noted that the stock listing requires favorable atmosphere including fair competition, in addition to strict legislations ensuring investors’ rights. The official also added that Etisalat has already laid down a plan for the IPO following talks with several global think-tanks and financial advisors. He indicated that Etisalat was set to launch the IPO but shelved such a move due to the country’s political turmoil. Etisalat is now studying again the EGX listing with the same global and local institutions. It has shortlisted a number of global and local financial advisors in order to select the lead managers. The official stressed that listing on EGX will give Etisalat a competitive edge, especially after the delisting of Vodafone and Mobinil. Etisalat Misr, the Egypt-based arm of UAE’s telecom group Etisalat, is considering an initial public offering (IPO) on the Egyptian Exchange (EGX), said Ehab Rushdi, CFO. The telecom operator is awaiting the suitable time for the share offering, the official said, adding that his company is currently preparing for such a move. Meanwhile, Rushdi noted that the stock listing requires favorable atmosphere including fair competition, in addition to strict legislations ensuring investors’ rights. The official also added that Etisalat has already laid down a plan for the IPO following talks with several global think-tanks and financial advisors. He indicated that Etisalat was set to launch the IPO but shelved such a move due to the country’s political turmoil.