In a statement on Sunday, the EGX Listing Department said it is currently reviewing and completing the documents submitted by the company ahead of referring the listing file to the Listing Committee.
The Egyptian Exchange announced on Sunday that it had received an application to list the shares of the Egyptian Linear Alkyl Benzene Company (ELAB) on the main market, marking a new step in preparations linked to the government’s IPO program.
In a statement on Sunday, the EGX Listing Department said it is currently reviewing and completing the documents submitted by the company ahead of referring the listing file to the Listing Committee.
According to the disclosure, ELAB’s issued capital, which the company is seeking to list, stands at around $210.025 million, distributed over approximately 2.1 billion shares, with a nominal value of $0.1 per share.
ELAB is the second state-owned petroleum company to apply for temporary listing on the Egyptian Exchange. Late last week, Petroleum Marine Services submitted an application for temporary listing on the main market, with issued capital of $120 million distributed over 12 million shares, at a nominal value of $10 per share.
The EGX said the listing application announcement will be published for five working days from the date of submission, in accordance with the applicable listing and delisting rules.
These steps come as Egypt accelerates the implementation of its state IPO program. A number of offerings on the Egyptian Exchange are expected to begin during the fourth quarter of this year, according to statements by Hashem El-Sayed, CEO of the State-Owned Companies Unit.
The Egyptian government had temporarily listed 16 state-owned companies across various sectors and plans to list four additional companies during the current month. It is also working to list 10 companies affiliated with the petroleum sector as part of a plan to speed up the IPO program and broaden the ownership base.
ELAB is among the petroleum sector companies currently being prepared for temporary listing, alongside other major companies such as Enppi and Petrojet, ahead of studying potential stake offerings depending on each company’s conditions and the government’s divestment plans aimed at boosting private sector participation.
ELAB was established on November 23, 2003, under Investment Law No. 8 of 1997 to produce linear alkyl benzene, one of the key raw materials used in laundry detergents, light dishwashing liquids, and industrial detergents.
