A group of Egyptian firms said they are targeting listing their stocks on the Egyptian Exchange (EGX) within the coming period seeking to finance their halted investments but they await till the country’s political and economic situation witness some breakthroughs.
Arabian Cement Company (ACC), Mass Food, Mena For Touristic and Real Estate Development, Modern Waterproofing Company (Bitumode)’s, Spuntex For Engineering Textiles, and Egyptian Transport – EGYTRANS (ETRS.CA) have decided to list their stocks on the EGX within the coming period.
The CEO of Arabian Cement Company Jose Maria Magrina said ACC is seeking listing their stocks on the EGX but the serious circumstances Egyptian capital market is facing hinder the firm’s listing plans for the current period. Listing stocks on the market depends on the economic stability, Magrina added.
He further noted that the optimal methods for financing firms would be through listing the stocks.
Mass Food said it has postponed listing their stocks on the EGX which was scheduled by 2011-end, as it has decided to delay the listing procedures till the market restores stability.
Mena For Touristic and Real Estate Development has also decided to delay listing its subsidiary; Mena for Agricultural Projects on the Egyptian Exchange of SMEs (NILEX) till the country witnesses political and economic stability.
The EGX-listed Modern Waterproofing Company (Bitumode) (WATP.CA) said it also plans to list the stocks of its subsidiaries Spuntex For Engineering Textiles ( 99.90 %) and Modern Plastics ( 99.90 %) on the NILEX. EGX-listed EGYTRANS (ETRS.CA) said it also plans to list the stocks of its subsidiary Egyptian Transport & Logistics – ETAL on NILEX.
