Ahmed Alam / Translation: Mai Ezz El-Din
Cairo – Mubasher: ENPPI Petroleum will launch an initial public offering (IPO) on the Egyptian Exchange (EGX) during the first quarter of 2018, Egypt’s minister of investment and international cooperation Sahar Nasr said.
Nasr agreed with the new EGX’s board on establishing new programmes to innovate new mechanisms for the EGX to speed up the implementation process of the governmental IPOs, she added.
Vice chairman of the EGX Mohsen Adel expects seeing between three and five medium-sized and large initial public offerings (IPOs) before the end of the current year.
The targeted IPOs of public sector firms includes Alexandria Mineral Oils Co (AMOC) and Sidi Kerir Petrochemicals.
Egypt targets investments of EGP 10 billion in the next three years as part of the governmental IPOs programme.
Enppi to list 24% of its stocks locally, internationally
07 May 2017 03:10 PM
Nermeen Abbas, translated by Moslem Ali
Cairo - Mubasher: The CEO of NI Capital, Ashraf Ghazaly, said that the Engineering for the Petroleum and Process Industries Company (Enppi) will issue 24% of its stocks on the stock market within six months.
Ghazaly added in his speech at the Portfolio Egypt 2017 conference on Sunday that part of the initial public offering (IPO) will be on the Egyptian Exchange (EGX), while the remaining percentage will be listed on other foreign markets.
The percentages are set to be decided later by investment banks, he indicated.
Part of the IPO could be listed on the London Stock Exchange (LSE), the New York Stock Exchange (NYSE), the Dubai Financial Market (DFM), and the Johannesburg Stock Exchange (JSE), the CEO added.
Ghazaly also expects assigning the investment banks responsible for the IPO in the next six weeks.
Enppi’s authorised capital totals $600 million, while the paid-in capital stands at $200 million.