{"id":601534,"date":"2019-03-04T04:18:09","date_gmt":"2019-03-04T04:18:09","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/04\/big-ipos-of-fresh-stocks-to-begin-in-september-minister-says\/"},"modified":"2019-03-04T04:18:09","modified_gmt":"2019-03-04T04:18:09","slug":"big-ipos-of-fresh-stocks-to-begin-in-september-minister-says","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/04\/big-ipos-of-fresh-stocks-to-begin-in-september-minister-says\/","title":{"rendered":"Big IPOs of fresh stocks to begin in September, minister says"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a><b> EXCLUSIVE-<\/b> <b>Next wave in state privatization program will be IPOs, set to begin in September:<\/b> The next wave of state-owned companies selling shares as part of the state privatization program will be new listings, Public Enterprises Minister Hisham Tawfik told Enterprise yesterday. The state plans to begin listing four or five companies in September, at a rate of about one IPO per month. The government will announce an updated list of the companies on the roster within a week or two as it chooses from eight shortlisted companies. Tawfik said that the priority is for companies in the industrial, mining, and E&P sectors beside Enppi. <b>He added that it isn\u2019t confirmed yet if Banque du Caire will be part of the second phase.<\/b><\/p>\n<p><b>For now, secondary offerings will keep rolling until Ramadan: <\/b>After closing the public offering portion of Eastern Tobacco on Tuesday, the government plans to sell shares in Alexandria Containers & Cargo Handling, followed by Abou Kir Fertilizers and Heliopolis Housing, and then pause for the slow Ramadan and summer season. The second phase in September may involve another secondary offering, according to Tawfik. The government plans to offer about 20% of Alexandria Containers and is expected to raise up to EGP 8 bn in sale proceeds, <a href=\"https:\/\/www.almalnews.com\/Story\/412575\/11\/%D9%88%D8%B2%D9%8A%D8%B1-%D9%82%D8%B7%D8%A7%D8%B9-%D8%A7%D9%84%D8%A3%D8%B9%D9%85%D8%A7%D9%84-%D8%B7%D8%B1%D8%AD--%D8%A7%D9%84%D8%A5%D8%B3%D9%83%D9%86%D8%AF%D8%B1%D9%8A%D8%A9-%D9%84%D9%84%D8%AD%D8%A7%D9%88%D9%8A%D8%A7%D8%AA--%D8%A7%D9%84%D9%85%D8%AD%D8%B7%D8%A9-%D8%A7%D9%84%D8%AA%D8%A7%D9%84%D9%8A%D8%A9-%D8%A8%D8%B9%D9%88%D8%A7%D8%A6%D8%AF-8-%D9%85%D9%84%D9%8A%D8%A7%D8%B1%D8%A7%D8%AA-%D8%AC%D9%86%D9%8A%D9%87\">Tawfik told Al Mal<\/a>. His statement comes after the sudden announcement on Friday kicking off the privatization program with the sale of an additional 4.5% stake in Eastern Company.<\/p>\n<p><b>Eastern Tobacco institutional offering ropes in foreign investors: <\/b>Eastern Tobacco\u2019s institutional offering of a 4.275% stake (equivalent to 96,187,500 shares) <a href=\"https:\/\/enterprise.press\/stories\/2019\/03\/03\/in-surprise-move-govt-kickstarts-ipo-program-with-a-successful-eastern-tobacco-secondary-offering\/\">was 1.8x oversubscribed<\/a>, with shares offered at EGP 17 apiece. 94% of the subscribers in the private placement were non-Egyptians, 70% of them were foreigners and 30% Arabs, according to Al Mal. A total of 829,849 shares were covered on Sunday, bringing total coverage on the first day of the public offering to about 16%, according to a separate <a href=\"http:\/\/almalnews.com\/Story\/412641\/11\/%D8%AA%D8%BA%D8%B7%D9%8A%D8%A9-16%D8%A8%D8%A7%D9%84%D9%85%D8%A6%D8%A9-%D9%85%D9%86-%D8%B7%D8%B1%D8%AD-%D8%A7%D9%84%D8%B4%D8%B1%D9%82%D9%8A%D8%A9-%D9%84%D9%84%D8%AF%D8%AE%D8%A7%D9%86-%D8%A8%D8%A7%D9%84%D8%A8%D9%88%D8%B1%D8%B5%D8%A9-%D9%81%D9%8A-%D8%A7%D9%84%D9%8A%D9%88%D9%85-%D8%A7%D9%84%D8%A3%D9%88%D9%84\">report from the newspaper<\/a>.<\/p>\n<p><b>The FRA is taking no chances this time:<\/b> The Financial Regulatory Authority (FRA) has asked EFG Hermes, which advised on the transaction, to hand the bookbuilding order log before announcing the subscription rate and the final price, <a href=\"https:\/\/www.almalnews.com\/Story\/412571\/11\/%D8%A7%D9%84%D8%B1%D9%82%D8%A7%D8%A8%D8%A9-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D8%AA%D9%81%D8%B1%D8%B6-%D8%A5%D8%AC%D8%B1%D8%A7%D8%A1%D8%A7%D8%AA-%D8%A7%D8%AD%D8%AA%D8%B1%D8%A7%D8%B2%D9%8A%D8%A9-%D8%AC%D8%AF%D9%8A%D8%AF%D8%A9-%D8%B9%D9%84%D9%89-%D8%B7%D8%B1%D8%AD-%D8%A7%D9%84%D8%B4%D8%B1%D9%82%D9%8A%D8%A9-%D9%84%D9%84%D8%AF%D8%AE%D8%A7%D9%86\">Al Mal reported<\/a>. The authority also asked EFG to double-check the financial capability of clients and their ability to pay for the stocks requested, and also excluded orders that were given without a price. The move follows last year\u2019s mishap with the IPO of structured- and consumer-finance firm Sarwa Capital that led to the FRA suspending Beltone Financial\u2019s investment banking arm. The suspension was <a href=\"https:\/\/enterprise.press\/stories\/2019\/02\/26\/beltone-pays-egypts-fra-egp-16-mn-to-lift-investment-banking-suspension\/\">lifted last month<\/a> following a EGP 16 mn settlement.<\/p>\n<p><b>Shares in Eastern Company rose 4.4%<\/b> to EGP 17.4 \/ share yesterday. The stock rose earlier in the session as much as 5.9% to its highest level in three months, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-03-03\/egypt-s-tobacco-monopoly-climbs-as-state-sale-draws-in-investors?srnd=premium-middle-east\">Bloomberg reported<\/a>. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-03-03\/egypt-shares-gain-in-best-start-to-a-year-since-2014-inside-em?srnd=premium-middle-east\">The news information service<\/a> says that the share sale helped extend The EGX30\u2019s New Year rally \u2014 the bourse\u2019s best since 2014.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>EXCLUSIVE- Next wave in state privatization program will be IPOs, set to begin in September: The next wave of state-owned companies selling shares as part of the state privatization program will be new listings, Public Enterprises Minister Hisham Tawfik told Enterprise yesterday. The state plans to begin listing four or five companies in September, at [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":601535,"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":[247,84,72,7087,2380,587],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-601534","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-eastern-company","tag-efg-hermes","tag-enterpriseam","tag-finance","tag-speed-round","tag-state-privatization-program","wpautop","entry"],"acf":{"mongo_id":"2927e908-f16a-4a93-ae2b-efc0d6465439","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/3\/1530.png","photo_position":"above","related_issue":[601529],"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>Big IPOs of fresh stocks to begin in September, minister says - 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\/03\/04\/big-ipos-of-fresh-stocks-to-begin-in-september-minister-says\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Big IPOs of fresh stocks to begin in September, minister says\" \/>\n<meta property=\"og:description\" content=\"EXCLUSIVE- Next wave in state privatization program will be IPOs, set to begin in September: The next wave of state-owned companies selling shares as part of the state privatization program will be new listings, Public Enterprises Minister Hisham Tawfik told Enterprise yesterday. The state plans to begin listing four or five companies in September, at [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/04\/big-ipos-of-fresh-stocks-to-begin-in-september-minister-says\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-03-04T04:18:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2019\/3\/1530.png?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/04\/big-ipos-of-fresh-stocks-to-begin-in-september-minister-says\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/04\/big-ipos-of-fresh-stocks-to-begin-in-september-minister-says\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Big IPOs of fresh stocks to begin in September, minister says\",\"datePublished\":\"2019-03-04T04:18:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/04\/big-ipos-of-fresh-stocks-to-begin-in-september-minister-says\/\"},\"wordCount\":484,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/04\/big-ipos-of-fresh-stocks-to-begin-in-september-minister-says\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2019\/3\/1530.png?fit=%2C&ssl=1\",\"keywords\":[\"Eastern Company\",\"EFG Hermes\",\"EnterpriseAM\",\"Finance\",\"SPEED ROUND\",\"state privatization program\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/04\/big-ipos-of-fresh-stocks-to-begin-in-september-minister-says\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/03\/04\/big-ipos-of-fresh-stocks-to-begin-in-september-minister-says\/\",\"name\":\"Big IPOs of fresh stocks to begin in September, minister says - 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program kicked to early 2020: The second wave of the state privatization program, which consists only of IPOs, has been postponed to after January 2020 from an original September 2019 date, Public Enterprises Minister Hisham Tawfik told Enterprise. \u201cSome procedures have taken longer than\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":598874,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/11\/demand-is-high-for-further-secondary-offerings-tawfik\/","url_meta":{"origin":601534,"position":1},"title":"Demand is high for further secondary offerings -Tawfik","author":"enterpriseam admin","date":"11 June 2019","format":false,"excerpt":"Demand is high for further secondary offerings -Tawfik: There is high demand for the next two secondary offerings scheduled take place in the first wave of the state privatization program, Public Enterprise Minister Hisham Tawfik told Al Mal during a forum at the Egyptian Center For Economic Studies, without naming\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\/2020\/2\/259.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598782,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/09\/government-ipos-set-for-september-on-schedule\/","url_meta":{"origin":601534,"position":2},"title":"Government IPOs set for September on schedule","author":"enterpriseam admin","date":"9 June 2019","format":false,"excerpt":"EXCLUSIVE- IPOs by state-owned companies set for fall as planned, come what may: State-owned companies selected to make initial public offerings of their shares under the second phase of the state\u2019s privatization program will move forward with transactions starting in September as scheduled, Public Enterprises Minister Hisham Tawfik told Enterprise\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\/2019\/4\/Egypt-state-privatization-program-IPOs.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597773,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/05\/amoc-exits-stage-right-from-second-wave-of-egypts-state-privatization-program\/","url_meta":{"origin":601534,"position":3},"title":"AMOC exits stage right from second wave of Egypt\u2019s state privatization program","author":"enterpriseam admin","date":"5 May 2019","format":false,"excerpt":"EXCLUSIVE- AMOC won\u2019t be in round two of the state privatization program; Sinai Manganese Company might be: Alexandria Mineral Oils Company (AMOC), which had earlier been dropped from the first wave of the state privatization program after posting an unexpected dip in profits, will not take part in the second\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":546182,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/08\/privatization-program-back-in-action-this-september-says-tawfik\/","url_meta":{"origin":601534,"position":4},"title":"Privatization program back in action this September, says Tawfik","author":"enterpriseam admin","date":"8 May 2022","format":false,"excerpt":"Egypt plans to offer shares in state companies on the EGX starting in September, Public Enterprise Minister Hisham Tawfik told Reuters yesterday. The minister said the move had been delayed until after the summer, without providing further details on the companies to be listed.Egypt had hoped to sell shares in\u2026","rel":"","context":"In &quot;Privatization&quot;","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":599176,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/20\/acch-finishes-roadshow-in-dubai-and-london-ahead-of-share-sale\/","url_meta":{"origin":601534,"position":5},"title":"ACCH finishes roadshow in Dubai and London ahead of share sale","author":"enterpriseam admin","date":"20 June 2019","format":false,"excerpt":"Progress in state privatization program as opening legs of Alexandria Containers roadshow conclude: Advisers on the share sale by state-owned Alexandria Containers and Cargo Handling Company (ACCH) have concluded roadshows in Dubai and London as the company gears up for a secondary offering under the state privatization program, Al Mal\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\/3\/1132.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\/601534","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=601534"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/601534\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/601529"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/601535"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=601534"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=601534"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=601534"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=601534"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=601534"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}