Orascom Construction requests share float in EGX
EGX Chairman Mohamed Omran - YOUM7 (Archive)

CAIRO: Orascom Construction Ltd, a subsidiary of the Engineering and Construction Orascom Construction Industries NV (OCI), submitted a request to the securities listing committee of the Egyptian Exchange’s (EGX) securities listing committee Tuesday to float its shares in the Egyptian market.

On Monday, OCI reported that Orascom Construction will pursue a dual listing in EGX and Dubai Nasdaq. Orascom Construction Ltd, operates with capital of 800 million EGP ($105 million) distributed in 105 million shares, a Tuesday EGX statement read.

In less than a month and a half, two companies have been listed in the EGX with capitals exceed 250 million EGP, and two others submitted share float requests with a total value exceeding 1.6 billion EGP, added the EGX statement.

“The total capitals listed in two months are close to the total capitals achieved in 2014 and 10 times what have been listed in 2013,” EGX Chairman, Mohamed Omran said on the sidelines of a visit to Youm7’s headquarters Sunday.

In 2014, the EGX managed to list 13 companies due to implementing a strategy aimed at attracting promising businesses and easing listing procedures and documents.

Last week, Emaar Misr, a subsidiary of the UAE’s Dubai-based real estate developer Emaar Properties, submitted a request to float its shares in the Egyptian market.

The company operates with capital of 878 million EGP distributed in 87 million shares, a Wednesday EGX statement read. The initial public offering (IPO) a portion of Emaar Misr is expected to exceed 2 billion EGP ($270.3 million), Reuters quoted two “informed sources in the EGX” last month.

This would make it the largest IPO in Egypt’s stock market since Talaat Moustafa Holding’s flotation in 2007. Arabian Cement’s IPO in May was the first on the EGX in four years.

“Fresh IOPs in the market assures Arab and foreign investors that the EGX is still vital and dynamic. It also a sign of the stock market stability regardless any other external factors of limited impact on the market,” said Mohsen Adel, deputy head of the EG-Finance Association.

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