EGX approves enrolling Nile Sugar Company: Official
Mohammed Omran, chairman of the Egyptian Stock Market - YOUM7/Dina Romeiah

CAIRO: The Egyptian Stock Exchange (EGX) agreed Thursday to enrollthe Nile Sugar Company (Owned by the Sawiris Family) with a total capital exceeding 750 million EGP, according to a press statement released Thursday, Al Masry Al Youm reported.

Mohammed Omran, EGX board chairman, announced Thursday that the EGX is welcoming new registrations at the EGX, “especially the good ones,” as it helps attracting new investors, increasing market attractiveness along with increasing its capital, it reported.

“The forthcoming period will witness new enrollments in the EGX especially in the communication and real estate sectors,” he said, adding that besides the new enrollments, the EGX is gearing for establishing new Initial Public Offerings (IPOs) like the Suez Canal Project.

Omran said that June 2014 has witnessed two IPOs, one for Sabaa International Company for Pharmaceutical and Chemical Industries, and the other for the Arabian Cement Company, in which subscription requests covered more than 18.5 times the offered shares.He expected that these new subscriptions would flourish the market during the forthcoming period.

In a phone interview, head of technical analysis at Osool Securities BrokerageEhab Saeed, told The Cairo Post Thursday that enrolling companies is the first step for offering (IPOs), expecting that the upcoming period will witness intensive offerings in the EGX.

“Offering the company or part of its shares at the EGX is a core solution for providing the needed finance for expansion and development plans, which greatly impacts boosting production,” he said.

He added that such new offerings would also greatly influence widening the investorbase at the EGX along with the capital market.

In early August, Nile Sugar Company owner NaguibSawirispresented a request to the EGX board to enroll the company in the stock exchange as a prelude to offering IPOs, Youm7 reported August 4.

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