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.
Egypt expected to launch IPO program in September
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Egypt expected to launch IPO program in September
- In Egypt, companies are allowed to list on the exchange before actually offering shares to be traded
Closing Bell: Saudi main index closes in red at 10,847
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 58.51 points, or 0.54 percent, to close at 10,847.93.
The total trading turnover of the benchmark index was SR3.78 billion ($1 billion), as 73 of the listed stocks advanced, while 187 retreated.
The MSCI Tadawul Index decreased, down 7.09 points or 0.48 percent, to close at 1,472.98.
The Kingdom’s parallel market Nomu lost 178.75 points, or 0.77 percent, to close at 22,916.83. This comes as 30 of the listed stocks advanced, while 37 retreated.
The best-performing stock was the Power and Water Utility Co. for Jubail and Yanbu, with its share price surging by 8.47 percent to SR31.24.
Other top performers included Saudi Paper Manufacturing Co., which saw its share price rise by 6.13 percent to SR53.70, and Jamjoom Pharmaceuticals Factory Co., which saw a 4.58 percent increase to SR137.
On the downside, the worst performer of the day was CHUBB Arabia Cooperative Insurance Co., whose share price fell by 5.14 percent to SR17.53.
Saudi Kayan Petrochemical Co. and Arabian Internet and Communications Services Co. also saw declines, with their shares dropping by 4.87 percent and 4.43 percent to SR4.88 and SR181.40, respectively.
On the announcement front, Saudi Kayan Petrochemical Co. announced its annual financial results for 2025, with sales dropping 3.06 percent year-on-year to SR8.45 billion. The company also recorded a net loss of SR893.86 million.
In a Tadawul statement, the company said the net loss and decline in annual sales were driven by a drop in average selling prices, despite higher sales volumes.
