The Prime Minister: Putting 5 or 6 government companies on the stock exchange before the end of the fiscal year

12:31 PM

Tuesday 23 November 2021

I wrote – Shaima Hefzy:

Prime Minister Dr. Mostafa Madbouly said that the government intends to offer 5 or 6 new companies on the Egyptian Stock Exchange before the end of the current fiscal year.

This came in an extensive meeting with EFG-Hermes Holding and representatives of 28 international financial and investment institutions, according to a statement from the Council of Ministers today, Tuesday.

Madbouly indicated that the government is aware of the importance of increasing public companies’ offerings in order to enhance the role of the stock market, develop, develop and revive the movement of capital flow and trading in the Egyptian Stock Exchange, and raise market capital to be more attractive to investors.

The government is seeking to implement a government offering program on the stock exchange, by offering initial shares from fully owned companies, or offering additional shares from companies already listed on the stock exchange.

Last month, the government offered a share of the state-owned e-finance company on the stock exchange, and it is expected that a share from Banque du Caire and the Misr Life Insurance Company will be initially offered during the coming period, in addition to offering additional shares from Abu Qir Fertilizers Company and Heliopolis Housing and Development.

The Egyptian government recently announced a package of incentives to support the stock market and improve the investment and business environment, with the aim of supporting the stock’s capabilities and competitiveness, and increasing its ability to attract foreign investments.

The new incentives included the abolition of the stamp tax on stock market transactions for the resident investor, and the deduction of all trading expenses, the preservation of shares and other tax base.

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