PHOTO
Arab Finance: The Egyptian Exchange (EGX) is set to list a major private-sector real estate company this month, Chairman Ahmed El-Sheikh told Asharq Business.
El-Sheikh also highlighted ongoing preparations for another real estate company’s offering unveiled by Chairman of Al-Ahly Sabbour Developments.
Al-Ahly Sabbour Developments plans to list 20% to 25% of its shares, with the selection of an advisor expected in early 2025.
El-Sheikh also confirmed preliminary agreements with seven companies to raise their capital above the 100 million-pound threshold, enhancing their eligibility for the main market.
During the EGX annual conference in Ismailia, El-Sheikh announced plans to launch a new sustainability index by mid-2025 and an index combining sustainability and Sharia compliance in the first half of the year.
The EGX introduced a sharia-compliant index in June 2024, which includes 33 companies, such as Talaat Moustafa Group (TMG Holding), accounting for 15% of the index.
The Egyptian stock market aims to list over 11 companies by 2025, with hopes for significant offerings during the year.
This aligns with Egypt’s broader plan to offer at least 10 companies by 2025, as stated by Prime Minister Mostafa Madbouly in December.
Four military-owned companies, including Wataniya and Safi, are set to be listed in mid-2025.
Egypt launched a program in early 2023 to offer shares in up to 40 companies and banks across 18 sectors, aiming to generate $6.5 billion in revenues by the end of 2024.
