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Egypt’s Awqaf Ministry eyes IPOs for affiliated companies – Omran

Egypt’s Awqaf Ministry eyes IPOs for affiliated companies – Omran
Dr. Mohamed Omran, Chairman of the Egyptian Exchange (EGX) said that the Minister of Awqaf Mohamed Mokhtar Gomaa has agreed in principle to study the offering of companies affiliated to the ministry for public subscription.
The move is aimed at capitalizing on the current activity in the local stock market, Omran said, adding that the IPOs will positively reflect on both the stock exchange and those companies.
According to Omran, Gomaa said he is keen on increasing the number of the ministry’s listed companies and avoiding the delisting of the currently listed ones.
Awqaf Ministry owns stakes in several companies listed on Egypt’s bourse. It also owns major unlisted companies like Arabian Furniture and Mahmoudia Contracting.