EGX boss expects fresh IPOs this year despite market turmoil: The current market volatility will not prevent new companies listing on the Egyptian Exchange, according to EGX boss Mohamed Farid, who said yesterday that two or three IPOs will go ahead before the end of the year. Egyptian equities have come under pressure over the past two weeks as fears of the impact of the covid-19 virus on the economy and an oil price war being waged by Saudi Arabia and Russia caused investors to dump equities all around the world in search of safe-haven assets. But speaking during the Capital Markets Summit yesterday, Farid said that conditions on the EGX were stabilizing.

Farid echoed Public Enterprises Minister Hisham Tawfik, who told El Kahera Alaan’s Lamees El Hadidi on Monday night that the IPOs of Banque du Caire (BdC) and E-Finance will in the coming months, as would a stake sale by Alexandria Containers. State-owned BdC is the closest to go to market and kickstart the stalled state privatization program. BdC Chairman Tarek Fayed reiterated earlier this week that the bank will continue with its plans to offer a 20-30% stake in April while cautioning that this could be delayed if the global selloff saps investor sentiment.

Private-sector IPOs in the pipeline: Qalaa Holdings has previously said it will IPO its Taqa Arabia and Arab Refining Company units this year, and Farid told El Hadidi that an unnamed financial company is also heading to market. Taqa had been scheduled for late April, while ARC and the financial company were due to make their offerings this fall.