The Egyptian Exchange (EGX) is ready to receive the major anticipated initial public offerings (IPOs), including those of Banque du Caire and Misr Life Insurance, EGX Chairman Omar Radwan said.
Radwan said the listing and offering of the two companies would expand investment options, broaden the shareholder base and provide a strong boost to trading activity and the exchange’s market capitalization.
He made the remarks during a meeting with the Egyptian Businessmen’s Association, chaired by Ali Eissa, to discuss developments in Egypt’s economy and capital market, as well as the latest regulatory and technical measures.
Radwan said EGX’s market capitalization had surpassed EGP 4.3 trillion, while average daily trading volumes had reached historic levels of nearly EGP 10 billion.
He also reviewed developments in the government’s IPO program and outlined recent tax incentives and measures introduced to support the capital market and encourage trading.
These include the shift to a simplified proportional stamp tax instead of capital gains tax, lower stamp tax rates for non-residents and exemptions for market-making activities.
The measures also include targeted tax incentives, including an investment deduction for companies that list their shares on EGX, aimed at encouraging new offerings and broadening ownership.
The meeting also covered the benefits of listing on EGX as a source of long-term financing for companies seeking to expand, raise capital and strengthen corporate governance.
Radwan also discussed the latest financial products and mechanisms being introduced or developed, including the derivatives market and the restructuring of short-selling mechanisms to deepen trading and boost liquidity.
Eissa highlighted the longstanding relationship between the Egyptian Businessmen’s Association and EGX and expressed the association’s interest in strengthening cooperation between the business community and the exchange.
