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Egyptian Exchange approves temporary listing of six state-owned firms
via Egypt Today2 min read
The Egyptian Exchange has approved the temporary listing of six state-owned companies, with plans to offer their shares for trading within the next six months as part of the government’s IPO program. These companies have a combined issued capital of approximately LE 1.24 billion. Four firms, Al-Nasr Housing and Development, Sinai Manganese, Spring & Transport Needs Manufacturing Co, and the Egyptian Contracting Co. AL Abd, will be listed on the main market. The remaining two, National Asset Management & Investment Company and National Investment and Development NIRCO, will be listed on the SME board. According to Hashem El-Sayed, CEO of the State Ownership Unit, these listings are part of efforts to improve the efficiency of state-owned enterprises and maximize returns on public assets. Omar Radwan, chairman of the exchange, stated that this initiative is expected to deepen the market, boost liquidity, and attract increased local and foreign investment. This follows the listing of six other state-owned firms earlier this month, as Egypt continues to expand its public offerings.
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This summary was AI-generated from a story originally published by Egypt Today.
Egypt and France recently held high-level talks in Cairo to discuss strengthening economic cooperation and addressing the impact of geopolitical tensions on global and regional economies. Ahmed Rostom, Minister of Planning and Economic Development, affirmed Egypt's commitment to fiscal discipline and structural reforms to enhance macroeconomic stability. He highlighted efforts to secure energy supplies, expand strategic reserves, and diversify energy sources, including increased reliance on renewables and exploration. Rostom also mentioned the development of innovative financing mechanisms for infrastructure projects to attract private sector participation. The discussions, which included a French delegation led by Paul Teboul, Assistant Minister of the French Treasury, and French Ambassador to Cairo Eric Chevallier, covered the impact of geopolitical tensions, rising energy costs, and opportunities to deepen economic ties under Egypt’s Vision 2030. Rostom noted Egypt's economy grew by 5.3 percent in the first half of the fiscal year, attributing this resilience to ongoing reforms. The French delegation praised Egypt's policy response to global shocks and expressed readiness to support expanded financial cooperation and investment, particularly in infrastructure and priority development sectors.
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Egypt has introduced a new digital platform, the Foreign Trade Procedures Portal, to simplify foreign trade processes and enhance transparency for businesses. This initiative, unveiled by the Ministry of Investment and Foreign Trade in collaboration with the United Nations Conference on Trade and Development UNCTAD and funded by the United Kingdom, aims to modernize the investment environment. The portal offers businesses centralized access to all import, export, and transit trade procedures, including relevant authorities and contact points, thereby reducing time, cost, and administrative complexity. Investment Minister Mohamed Farid Saleh stated that the portal signifies a significant advancement in making foreign trade procedures more accessible and transparent, reflecting Egypt's dedication to improving service delivery and trade process efficiency. This launch is part of broader structural reforms to streamline procedures and support investors, aligning with Egypt’s commitments under global trade frameworks, such as the Trade Facilitation Agreement joined in 2019. The portal is anticipated to accelerate trade flows and strengthen Egypt’s standing as a competitive and transparent destination for investment and international trade.