Egypt Bourse Expects Up to Seven IPOs This Year, Most Since 2011

CAIRO (Capital Markets in Africa) – The Egyptian stock exchange is expecting as many as seven initial public offerings this year, starting as soon as this month, which would be the highest number of share sales since the 2011 uprising that ousted President Hosni Mubarak.

An IPO this month is likely to be followed by another in April, and a further four or five share sales before year-end, Egyptian Exchange Chairman Mohamed Farid said in an interview with Bloomberg TV in Dubai. He didn’t give details on the names of the companies planning to raise funds or their sectors.

Foreign investor interest in Egypt has surged since authorities removed almost all restrictions on the pound in 2016 to help end a hard-currency crunch and secure a $12 billion loan from the International Monetary Fund.

Farid said amendments to capital market laws allowing the issue and trading in sukuks and derivatives will soon be ratified by President Abdel-Fattah El-Sisi.

Source: Bloomberg Business News