CAIRO: The Egyptian Exchange will organize its first conference for initial public offering on May 6.
The conference aims to gather local and regional decision makers in the business world to enhance chances of companies’ growth by increasing their capital through initial public offering, EGX said in a press statement Friday.
Prime Minister Ibrahim Mahlab will attend the conference and will make the opening speech.
The conference aims to boost investors’ trust in order to increase investment in Egypt’s different economic sectors, in addition to emphasizing the stock exchange’s pursuit of providing finances to different projects.
In addition, the conference also seeks to inform the business community in Egypt and the Middle East that EGX seeks to become a gateway for projects’ growth whether they are from the private sector or from government projects.
Chairperson of the Suez Canal Authority Colonel General Mohab Mamish will participate in the conference as a speaker to discuss the latest projects of the Suez Canal Authority and forthcoming development plans.
The conference will be held in the presence of a number of economic community ministers as well as senior officials from financial institutions operating in Egypt, also the chairpersons of more than 200 companies seeking to achieve growth in the capital market.
Prime Minister Ibrahim Mahlab reviewed the means for promoting stock market growth to attract new domestic and foreign investments during a meeting on April 14 with head of the Egyptian Exchange Mohamed Omran, Youm7 reported.
During the meeting, Mahlab welcomed EGX’s upcoming conference on Initial Public Offerings (IPOs) scheduled for next month, to provide funding for current and future national projects, EGX said in a statement released April 15 on its official website.
“IPOs would strongly boost the stock market and provide liquidity, but a plan should be adopted in order to ensure the continuity of such offerings,” Pioneers Securities’ technical analysis advisor Hossam Helmy told The Cairo Post.
“National projects and other infrastructure projects based on partnership with the private sector will benefit from the stock market for finance, supporting government efforts to increase growth rates,” Omran said in a February statement.
Additional reporting by Hend Mokhtar.