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Tuesday, 1 October 2019

Listed Egyptian companies yet to IPO have until 31 March to hit the exchange

IPO WATCH- BdC and three other companies have six months to complete their IPOs: The Financial Regulatory Authority (FRA) has reportedly given four companies, including state-owned Banque du Caire, a six-month grace period to complete their initial public offerings, according to a copy of the decision picked up by the local press. BdC, City Trade Securities and Brokerage, Sky Light for Touristic Development, and New Castle for Sports Investment have all listed on the stock exchange, but trading of their shares has yet to begin. These four companies are now required to submit their plans and timeline to complete their IPOs to the EGX by 30 November.

Background: The Finance Ministry told us last week that a government committee is close to finalizing a fresh package of incentives to boost stock trading activities. The incentives would possibly include tax breaks, a capital gains tax exemption for non-residents, and a full stamp tax exemption for residents. Chairman Tarek Fayed told reporters in August that Banque du Caire is expected to IPO sometime around early 2020. The sale could see the bank raise between USD 300-400 mn, and is part of the IPO-phase of the state privatization program.

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