After years of lame offers, the Egyptian Exchange (EGX) is finally getting big bids that will sure lure more local, Arab and foreign investments, the CEO of EFG Hermes has said.
The Arabian Cement Company (ACC) made the first big bid mid 2014, Karim Awad told MENA Monday.
EGX officials are acting hard to register new companies, Awad said, noting this should make the bourse more attractive to investors, who will have a variety of options to choose from, rather than just shares of certain firms.
The market has been in bad need of new securities to create more opportunities for investors, Awad said, adding this is one reason why trading has been weak over the past period.
The promotion department at EFG Hermes is currently working on a number of new bids at the EGX, he said, adding an announcement will be made once procedures are finalized.
Already the group is promoting a big bid worth more than 150 million dollars for Orascom Construction Industries, Awad said.
An Edita bid was put up for trading last month, he added.
Awad believes the new bids will be successful, regardless of the market's ability to accommodate them all.
This will have a positive impact on the EGX in general, he noted.
He said his company was able to achieve its strategic plan for 2014 meant to make profits through reducing spending and increasing revenues.
He said the ACC bid was worth about 110 million dollars. The capital of Palm Hills and SODIC also increased, Awad said.
He also touched upon a 1.6-billion-dollar bid by the UAE's EMAAR Malls Group, noting that it was one of the biggest bids on the UAE market and in the history of the UAE as a whole.
EFG Hermes is an investment bank in the Middle East and North Africa region that specializes in securities brokerage, asset management, investment banking, private equity and research.
EFG-Hermes is listed on the Egyptian Exchange (EGX) and London (LSE) stock exchanges.
EFG-Hermes has offices in Egypt, the UAE, Saudi Arabia, Qatar, Oman, Kuwait and Lebanon, with over 850 people from 30 nationalities. They serve clients from the Middle East, North Africa, Europe and the United States.