Egypt’s stock Exchange (EGX) announced Wednesday that its securities listing committee approved the listing of Emaar Real Estate Development and Orascom Construction with EGP 878 million and $105 million capital, respectively.
This would mark the biggest two share listings on Egypt’s bourse in almost five years.
Orascom Construction is the first foreign firm to be dual listed on the Egyptian Exchange (EGX) as shares and not as Egyptian Deposit Receipts (EDRs) in nearly twenty years, as it already listed on NASDAQ Dubai, according to the EGX statement.
From his part, EGX Chairman Mohamed Omran said the listing of the two companies represents a major step taken ahead of Egypt’s upcoming Economic Conference, which will take place on March 12-15.
The listings also give strong signals to the local and foreign investment community for the confidence of companies in the local economy and in available liquidity that will fulfill their plans for expansions and capital hikes over the coming period, Omran noted.
He stressed that the dual listing of Orascom Construction reflects Egypt’s competitive market.
Omran also noted that the capital increases listed during the first quarter of 2015 neared EGP 2 billion, which is equal to those listed during 2014 and 2013 combined and approx. two thirds of the capital increases listed during 2011-2014.
