{"id":557494,"date":"2021-09-21T04:00:14","date_gmt":"2021-09-21T04:00:14","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/21\/5-state-companies-could-offer-shares-on-the-egx-by-june-2022\/"},"modified":"2021-09-21T04:00:14","modified_gmt":"2021-09-21T04:00:14","slug":"5-state-companies-could-offer-shares-on-the-egx-by-june-2022","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/21\/5-state-companies-could-offer-shares-on-the-egx-by-june-2022\/","title":{"rendered":"5 state companies could offer shares on the EGX by June 2022"},"content":{"rendered":"

<\/a> Five state companies could offer shares on the EGX during the state\u2019s current fiscal year<\/strong>, which ends in June 2022, Finance Minister Mohamed Maait told CNBC Arabia<\/a>. The ministry has identified the five companies that would list shares via IPO or stake sale, he said, without disclosing further information.<\/p>\n

Remember there\u2019s a difference between IPO candidates <\/strong>(look at e-Finance, Banque du Caire and, more distantly, Ghazl El Mahalla) and stake sales by already listed companies <\/strong>as part of the state\u2019s plan to sell-down its holdings of publicly traded companies (Alexandria Containers, Abu Qir Fertilizers and Sidi Kerir Petrochemicals were all said to have been on deck<\/a>).<\/p>\n

The first out of the gate is E-Finance<\/strong>, which on Sunday announced its intention to debut on<\/a>the EGX<\/a>in 4Q2021 with a 14.5% stake sale. The state-owned payment infrastructure and fintech firm is planning to offer almost 258 mn shares to investors. The company has been looking to IPO since 2019<\/a>, but had plans kicked down the road thanks to the covid-19 pandemic.<\/p>\n

Among the other <\/strong>contenders are<\/a><\/strong> Banque du Caire, which had planned to debut 20-30% of its shares on the EGX in April 2020<\/a> but shelved plans due to the pandemic. State-owned Ghazl El Mahalla FC<\/a> is also looking to make an EGP 200 mn EGX debut.<\/p>\n

A program to sell stakes in already-listed companies is moving slowly <\/strong>thanks in large part to poor market conditions since before covid-19 kicked off. Tobacco monopoly Eastern Company\u2019s 4.5% secondary stake sale in March 2019<\/a> was the first out of the gate, but subsequent bids to take others (above) to market have not gotten off the ground. The stake sale program launched in 2018, and FRA boss Mohamed Omran had said this past June<\/a> that we could see 2-3 state-owned companies offer shares on the EGX by year\u2019s end.<\/p>\n

Egypt\u2019s IPO market has been quiet lately <\/strong>with only a single sizable debut since December 2019 when higher education platform Taaleem<\/a> went to market this past April. LSE-listed consumer healthcare giant IDH also offered shares on the EGX<\/a> earlier in a technical listing intended to facilitate easier access to its shares for local investors.<\/p>\n

But it\u2019s been crickets elsewhere in MENA:<\/strong> Egypt was the only country in the MENA region to see an IPO during 2Q2021.<\/p>\n

The regional IPO market has been lackluster so far this year:<\/strong> Proceeds from MENA IPOs were down almost 50% y-o-y during the first six months of the year, E&Y said in a recentreport (pdf)<\/a>. Despite there not being any IPOs in 2Q2020 due to the pandemic, the value of 1H2020 listings was still roughly double that of this year, coming in at USD 814 mn compared to 1H2021\u2019s USD 425.8 mn,<\/p>\n

This is changing though:<\/strong> Adnoc Drilling has seen huge investor demand for its ongoing IPO, which could raise around USD 1 bn<\/a>, while ACWA Power\u2019s plans to debut on the Saudi exchange next month could bring up to USD 1.2 bn in proceeds.<\/p>\n

\n

<\/a> T<\/strong>he Finance Ministry could sell around USD 1 bn in sovereign green bonds this fiscal <\/strong>year<\/strong>, Maait told CNBC. This would be Egypt\u2019s second issuance of the climate-linked securities after it sold USD 750 mn of five-year notes<\/a> last September.<\/p>\n

No final decision has been taken on the timing and the size of the issuance<\/strong>, the minister said, adding that the ministry is consulting with the cabinet, the Central Bank of Egypt and participating banks.<\/p>\n","protected":false},"excerpt":{"rendered":"

Five state companies could offer shares on the EGX during the state\u2019s current fiscal year, which ends in June 2022, Finance Minister Mohamed Maait told CNBC Arabia. The ministry has identified the five companies that would list shares via IPO or stake sale, he said, without disclosing further information. Remember there\u2019s a difference between IPO […]<\/p>\n","protected":false},"author":1,"featured_media":557495,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7321],"tags":[68,72,78,81,587],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-557494","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-egx","tag-enterpriseam","tag-ipo-watch","tag-privatization-watch","tag-state-privatization-program","wpautop","entry"],"acf":{"mongo_id":"338e822a-5945-4e2b-84ad-8a910644e64c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/9\/286.jpg","photo_position":"above","related_issue":[557490],"teaser":"","voice_url":""},"yoast_head":"\n5 state companies could offer shares on the EGX by June 2022 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/21\/5-state-companies-could-offer-shares-on-the-egx-by-june-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"5 state companies could offer shares on the EGX by June 2022\" \/>\n<meta property=\"og:description\" content=\"Five state companies could offer shares on the EGX during the state\u2019s current fiscal year, which ends in June 2022, Finance Minister Mohamed Maait told CNBC Arabia. 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Tawfik didn\u2019t mention the names of the companies lined up, or whether the offerings will be IPOs or\u2026","rel":"","context":"In "SPEED ROUND: PRIVATIZATION WATCH"","block_context":{"text":"SPEED ROUND: PRIVATIZATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/332.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562307,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/19\/are-we-in-for-an-ipo-heavy-2h2021\/","url_meta":{"origin":557494,"position":1},"title":"Are we in for an IPO-heavy 2H2021?","author":"enterpriseam admin","date":"19 May 2021","format":false,"excerpt":"The Egyptian Exchange could see as many as five more companies offer shares for sale before the year is out, EGX Chairman Mohamed Farid told CNBC Arabia, confirming a statement he made last month (watch, runtime: 1:23). According to Farid, two or three companies could offer their shares on the\u2026","rel":"","context":"In "IPO"","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/5\/148.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543386,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/31\/state-privatization-program-to-resume-in-march-maait\/","url_meta":{"origin":557494,"position":2},"title":"State privatization program to resume in March -Maait","author":"enterpriseam admin","date":"31 January 2022","format":false,"excerpt":"Privatization program to resume in March -Maait: We can expect more state-owned companies to offer shares on the EGX in the coming weeks, according to Finance Minister Mohamed Maait, who told Bloomberg Asharq (watch, runtime: 3:26) yesterday that the state privatization program will resume in March. This comes a few\u2026","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/537.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555182,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/04\/heliopolis-housing-wants-to-ride-that-e-finance-wave\/","url_meta":{"origin":557494,"position":3},"title":"Heliopolis Housing wants to ride that e-Finance wave","author":"enterpriseam admin","date":"4 November 2021","format":false,"excerpt":"Heliopolis Housing and Development\u2019s plan to tap the EGX appears to have been brought back from the dead in the wake of e-Finance\u2019s recent IPO, with the state-owned real estate company now looking to pull the trigger on a secondary offering by the middle of 2022, Public Enterprises Minister Hisham\u2026","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/325.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569536,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/27\/el-nasr-mining-company-to-offer-22-of-its-shares-on-the-egx\/","url_meta":{"origin":557494,"position":4},"title":"El Nasr Mining Company to offer 22% of its shares on the EGX","author":"enterpriseam admin","date":"27 February 2020","format":false,"excerpt":"PRIVATIZATION WATCH- El Nasr Mining Company to offer 22% of its shares in IPO: The Holding Company for Metallurgical Industries\u2019 general assembly has approved offering 21.97% of its subsidiary El Nasr Mining Company in an IPO on the EGX as part of the state privatization program, according to Youm7. No\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/348.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578789,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/15\/five-state-military-owned-companies-added-to-pre-ipo-fund\/","url_meta":{"origin":557494,"position":5},"title":"Five state + military-owned companies added to pre-IPO fund","author":"enterpriseam admin","date":"15 January 2023","format":false,"excerpt":"The Sovereign Fund of Egypt (SFE) has added five state- and military-owned companies to its pre-IPO fund as the government gears up to restart its privatization program, Bloomberg Asharq reported Thursday, citing two sources it says are familiar with the matter. Officials at the SFE did not reply to requests\u2026","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/220.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/557494","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=557494"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/557494\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/557490"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/557495"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=557494"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=557494"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=557494"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=557494"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=557494"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}