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RIYADH: The capital gains tax proposal will not affect the timetable set for resuming Egypt's IPO program, which has already been postponed several times pending improvement in market conditions, Minister of Business Sector Hisham Tawfik said.
There are five companies preparing to be floated on the Egyptian Stock Exchange within months, he told CNBC Arabia.
He added that the capital gains tax proposal has already been submitted by acting parties in the Egyptian capital market at the present time.
The acting parties include the Egyptian Financial Association — a non-independent entity that consists of major players in the market, including brokerage firms and investors, he said.