The Egyptian Financial Group Hermes Holding (EFG Hermes), CI Capital Holding For Financial Investments, and Beltone Financial Holding acquired 9.9 percent or 9 million shares of the newly established company managing the Egyptian Commodities Exchange.
The Egyptian Commodities Exchange Company has been launched as part of the state’s plan to develop internal trad with a capital 91 million Egyptian pounds held by several entities.
The Egyptian Exchange (EGX) will own 34 percent of the company, while the General Authority For Supply Commodities (GASC) will hold 11 percent , the Egyptian Holding Company for Silos and Storage 5.5 percent and the Internal Trade Development Authority 5.5 percent .
Moreover, the National Bank of Egypt (NBE) and Banque Misr will each own 6.6%, while the Agricultural Bank of Egypt will hold 9.9 percent .
Misr Insurance Holding Company and Misr for Central Clearing, Depository and Registry (MCDR) will each own 5.5 percent
The new commodities exchange will help regulate prices of key commodities in the local market. It is expected that the organised market will contribute to increasing the competitiveness of small farmers and producers.
It is scheduled to start offering a number of basic goods, such as wheat, oil, sugar, and rice, as part of the first stage in the first and second quarters of 2021.
