{"id":590646,"date":"2019-12-30T04:39:33","date_gmt":"2019-12-30T04:39:33","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/30\/mohamed-farid-aramco-has-no-direct-impact-on-egx\/"},"modified":"2019-12-30T04:39:33","modified_gmt":"2019-12-30T04:39:33","slug":"mohamed-farid-aramco-has-no-direct-impact-on-egx","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/30\/mohamed-farid-aramco-has-no-direct-impact-on-egx\/","title":{"rendered":"Mohamed Farid: Aramco has no direct impact on EGX"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Saudi Aramco\u2019s IPO has had no direct impact on the EGX<\/strong>, exchange boss Mohamed Farid<a href=\"https:\/\/www.youm7.com\/story\/2019\/12\/27\/%D9%85%D8%AD%D9%85%D8%AF-%D9%81%D8%B1%D9%8A%D8%AF-%D8%B1%D8%A6%D9%8A%D8%B3-%D8%A7%D9%84%D8%A8%D9%88%D8%B1%D8%B5%D8%A9-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D8%A9-%D9%81%D9%89-%D9%86%D8%AF%D9%88%D8%A9-%C2%AB%D8%A7%D9%84%D9%8A%D9%88%D9%85-%D8%A7%D9%84%D8%B3%D8%A7%D8%A8%D8%B9%C2%BB-%D9%86%D8%AA%D8%B4%D8%A7%D9%88%D8%B1\/4562869\">said at a symposium<\/a> organized by Youm7 to discuss raising listings on the bourse. Aramco had only an indirect impact by changing companies\u2019 relative weight in global market indices such as the MSCI Emerging Markets Index. The remarks downplayed the impact of Aramco\u2019s on-again, off-again, on-again IPO in a year that saw the EGX attract just two new listings. <a href=\"https:\/\/enterprise.press\/stories\/2019\/10\/21\/aramco-is-a-potential-hiccup-for-egypts-state-privatization-program-lead-advisor\/\">Public Enterprise Minister Hisham Tawfik directly pointed to Aramco<\/a>, which pulled significant liquidity from regional markets in the run-up to its listing, as one reason Egypt was postponing some transactions under its privatization program. A program to sell stakes in already-listed companies has been dormant <a href=\"https:\/\/enterprise.press\/stories\/2019\/11\/05\/mena-ipos-to-pick-up-next-year-ey\/\">since March<\/a><a href=\"https:\/\/enterprise.press\/stories\/2019\/11\/05\/mena-ipos-to-pick-up-next-year-ey\/\">, when Eastern Tobacco sold a 4.5% stake<\/a> on the EGX. Meanwhile, state-owned Banque du Caire and ENPPI, long expected to IPO, each delayed their offerings this year, with BdC now scheduled to kick off a roadshow in early 2020.<\/p>\n<p><strong>Background: <\/strong>Farid\u2019s comments come as Egyptian equities are struggling to attract interest, as reflected in low trading volumes and a dearth of IPOs, analysts told Reuters\u2019 Arabic service <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/16\/egx-struggles-on-low-trading-volumes-lack-of-new-listings-8495\/\">earlier this month<\/a>.<\/p>\n<p><strong>Why are volumes so low?<\/strong> Shares worth just EGP 268 mn changed hands on the bourse yesterday, 61% below the trailing 90-day average and well off the EGP 1 bn or so that was considered an \u201cacceptable\u2019 figure last year. Meanwhile, the EGX30 is up just 6% for the year. Farid says it has a lot to do with the relatively few names on offer on the EGX, pointing out, too, that the exchange has seen a number of delistings this year as a result of both acquisitions and listing regulations.<\/p>\n<p><strong>The EGX is headhunting new listings:<\/strong> According to Farid, the EGX is actively looking to bring new listings to the bourse by directly contacting 235 companies to look into potentially listing on the EGX. Out of those, 14 companies have begun to study the feasibility of listing on the EGX. However, 67 companies said that they would consider listing but that now isn\u2019t the right time to pull the trigger. Another 81 outright said they were not interested, while the rest were on the fence about listing.<\/p>\n<p><strong>IPO WATCH- Three sports clubs looking to debut on the bourse?<\/strong> The EGX is currently working with three clubs, Misr El Makasa, FC Masr, and Wadi Degla SC, to prepare for potential listings. The EGX is trying to attract sporting clubs to IPO in light of <a href=\"https:\/\/enterprise.press\/stories\/2017\/05\/14\/el-garhy-on-2nd-tranche-of-imf-facility-el-anany-about-new-archaeological-finds\/\">the Sports Act<\/a> being amended to allow clubs to be put on the stock exchange.<\/p>\n<p><strong>Farid is encouraged by plans to bring military-owned companies to the EGX:<\/strong> President Abdel Fattah El Sisi has twice mentioned the possibility of listing military-owned companies on the bourse, most recently <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/26\/egypts-el-sisi-revives-talks-about-listing-military-companies-9138\/\">saying last week<\/a> that the move would ensure the participation of all sectors in the economy. Farid lauded the prospect of having military companies on the EGX, which he said would send a strong message on their willingness to be fully transparent and adhere to global corporate governance laws. The EGX boss was otherwise mum on the plans, but hinted that things are moving along.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Saudi Aramco\u2019s IPO has had no direct impact on the EGX, exchange boss Mohamed Faridsaid at a symposium organized by Youm7 to discuss raising listings on the bourse. Aramco had only an indirect impact by changing companies\u2019 relative weight in global market indices such as the MSCI Emerging Markets Index. The remarks downplayed the impact [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":590647,"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":[8572],"tags":[68,72,164,10813,78,3174,2221,2380,10812,587],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-590646","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-egx","tag-enterpriseam","tag-equities","tag-fc-egypt","tag-ipo-watch","tag-misr-for-central-clearing-depository-and-registry","tag-mohamed-farid","tag-speed-round","tag-sports-clubs","tag-state-privatization-program","wpautop","entry"],"acf":{"mongo_id":"afcdbe58-dfbc-4814-b20a-fe93fe3e4d65","is_powered_by":true,"section_story_id":"3c3418af-cbde-40ea-91a5-57a47e372d0c","story_type":"1","photo_url":"https:\/\/ent.news\/2019\/9\/Mohamed-Farid-EGX-1600.jpg","photo_position":"above","related_issue":[590637],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Mohamed Farid: Aramco has no direct impact on EGX - 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\/2019\/12\/30\/mohamed-farid-aramco-has-no-direct-impact-on-egx\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mohamed Farid: Aramco has no direct impact on EGX\" \/>\n<meta property=\"og:description\" content=\"Saudi Aramco\u2019s IPO has had no direct impact on the EGX, exchange boss Mohamed Faridsaid at a symposium organized by Youm7 to discuss raising listings on the bourse. Aramco had only an indirect impact by changing companies\u2019 relative weight in global market indices such as the MSCI Emerging Markets Index. 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The EGX boss told Al Masry Al Youm in\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":634351,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/01\/14\/egx-boss-expects-healthy-ipo-pipeline-in-2018\/","url_meta":{"origin":590646,"position":1},"title":"EGX boss expects healthy IPO pipeline in 2018","author":"enterpriseam admin","date":"14 January 2018","format":false,"excerpt":"IPO WATCH- Healthy pipeline of IPOs for 2018, Farid says. Eight companies have reportedly begun procedures to list on the EGX, said bourse boss Mohamed Farid. Among them are companies in the real estate and tourism sector, he added without naming names. Up to six companies, primarily in petrochemicals and\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":631115,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/11\/work-required-to-list-aramco-will-be-done-by-2h2018-but-not-the-ipo-itself\/","url_meta":{"origin":590646,"position":2},"title":"\u201cWork required to list Aramco\u201d will be done by 2H2018, but not the IPO itself","author":"enterpriseam admin","date":"11 March 2018","format":false,"excerpt":"\u201cWork required to list Aramco\u201d will be done by 2H2018, but not the IPO itself: The Saudis appear to be throwing everyone off once again on when exactly they plan to have the Aramco IPO. CEO Amin Nasser said on Thursday that all work required from the oil giant for\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":629856,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/03\/two-state-companies-expected-to-ipo-this-year-farid\/","url_meta":{"origin":590646,"position":3},"title":"Two state companies expected to IPO this year. -Farid","author":"enterpriseam admin","date":"3 April 2018","format":false,"excerpt":"IPO WATCH- Two state-owned companies expected to IPO this year. EGX head Mohamed Farid reportedly said he expects two state-owned companies to complete their initial public offerings this year, according to Youm7, which is the only influential newspaper to note the statement. Farid also expects a few of the nine\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2017\/10\/2110.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":625740,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/08\/14\/the-egx-is-expected-to-see-4-5-ipos-over-the-coming-eight-months\/","url_meta":{"origin":590646,"position":4},"title":"The EGX is expected to see 4-5 IPOs over the coming eight months","author":"enterpriseam admin","date":"14 August 2018","format":false,"excerpt":"IPO WATCH- The EGX is expected to see 4-5 IPOs over the coming eight months, EGX boss Mohamed Farid told Reuters\u2019 Arabic service in an interview. Farid did not delve into the specifics of the listings, except to say that these companies are expected to raise as much as EGP\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":630953,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/06\/b-investments-to-complete-egx-listing-this-month-farid-sees-as-many-as-seven-ipos-this-year\/","url_meta":{"origin":590646,"position":5},"title":"B Investments to complete EGX listing this month, Farid sees as many as seven IPOs this year","author":"enterpriseam admin","date":"6 March 2018","format":false,"excerpt":"IPO WATCH- The EGX is looking forward to as many as seven IPOs in 2018, Chairman Mohamed Farid told Bloomberg TV. \u201cAn IPO this month is likely to be followed by another in April, and a further four or five share sales before year-end,\u201d he said, without revealing any names.\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/590646","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=590646"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/590646\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/590637"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/590647"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=590646"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=590646"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=590646"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=590646"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=590646"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}