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EGX Chairman expects 4-5 IPOs in H2-21

EGX Chairman expects 4-5 IPOs in H2-21
EGX Chairman Mohamed Farid speaking at the forum

By: Ahmed Allam

Sharm El-Sheik – Mubasher: Egyptian Exchange (EGX) Chairman Mohamed Farid said that after listing the shares of two new companies this year, a third offering that was delayed is expected before the end of 2021.

Speaking on the sidelines of the first forum of heads of African investment commissions, Farid told reporters that more initial public offerings (IPOs) are expected during the second half (H2) of the year, with four to five private sector companies recently discussing listing on EGX.

These aforementioned companies work across multiple sectors such as petrochemicals, information technology, and agriculture.

The EGX Chairman also pointed to the importance of enhancing African cooperation in investment fields and establishing measurable and achievable goals, noting that strengthening inter-African investments is a current necessity.

Farid also called for integration between African exchange markets and brokerage companies through digital solutions that allow the flow of investments and create an environment that caters to the needs and ambitions of all investors.

Inter-African securities trading requires integration between exchanges and brokerage firms through electronic linking that allow flow of investments and trading in an ecosystem that meets the requirements of all investors, which in turn will boost liquidity and trading between African exchanges,” said the EGX Chairman.

Economic growth needs investments and investments needs financing, and exchange markets are among the most important financing platforms that allow companies to grow the needed capital to expand and grow, which allows for providing work opportunities to African people around the continent, he further noted.

Work is already underway for a platform that connects African bourses and companies working in the field of securities brokerage, with the Egyptian Exchange’s participation. The aim of this platform is to allow any African citizen to invest in exchanges across the continent, according to the EGX Chairman.

Farid also held meetings with the leaders of the African Export-Import Bank (Afreximbank), African Development Bank (AfDB), and the head of the African Continental Free Trade Area on the sidelines of the forum, discussing efforts to help African economies achieve their economic and social development goals.

The said meetings were held following Farid’s participation in a session that discussed regional tools to enhance trade exchange, export diversification, and economic integration between African economies in global markets, as well as multilateral efforts to raise foreign direct investment (FDI), support employment, and achieve sustainable development for the African people.

Egypt is hosting the inaugural forum for the heads of African investment commissions in the resort city of Sharm El-Sheikh on 11-13 June, under the theme “Integration for Growth.”

The forum was inaugurated on Friday by Egypt’s Prime Minister Mustafa Madbouli, with the participation of 33 African countries and representatives of international and African economic institutions.