Egypt expected to launch IPO program in September

The moon rises above the Egyptian capital Cairo where a number of new stock listings are in the works. (AFP)

• In Egypt, companies are allowed to list on the exchange before actually offering shares to be traded

CAIRO: The head of Egypt’s Financial Regulation Authority (FRA) said on Tuesday he expected the government to start its program of initial public offerings in September, and that two or three companies should be listed by the end of the year.
The country’s first offering of green bonds by a private company is expected to take place on Wednesday with value of $100 million, FRA chairman Mohamed Omran also told a press conference.
Omran did not name the companies expected to issue shares this year, nor the company due offer green bonds.
FRA sources previously told Reuters that state-owned Banque du Caire was one of four listed companies that had been instructed to sell shares by the end of the year.
In Egypt, companies are allowed to list on the exchange before actually offering shares to be traded.
An Banque du Caire IPO would represent the biggest sale of Egyptian state assets since 2006.
The company was one of several state firms earmarked several years ago for share sales that have faced repeated delays, partly due to the coronavirus pandemic.