The Egyptian Exchange (EGX) announced that its securities listing committee approved on Wednesday the listing of Emaar Real Estate Development and Orascom Construction with EGP 878 million and $105 million capital respectively.
This will mark the biggest two share listings on Egypt’s stock market 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 an EGX statement.
The EGX Chairman, Mohamed Omran, said the listing of the two companies represents a major step ahead of Egypt’s upcoming economic conference.
The listings also give strong signals to the local and foreign investment community for the confidence of companies in the Egypt's 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 approximately two thirds of the capital increases listed during 2011-2014.