Egypt bourse approves temporary listing of 6 state firms ahead of IPOs

The Egyptian Exchange (EGX) has approved the temporary listing of six new state-owned companies, with total issued capital of around EGP 1.24 billion, in preparation for potential public offerings within the next six months.

The companies include four sets to join the main market and two to be listed on the SME board.

On the main market, the approved firms are:

• Al-Nasr Housing and Development, with issued capital of EGP 350 million
• Sinai Manganese, with EGP 300 million
• Spring & Transport Needs Manufacturing Co, with EGP 125 million
• The Egyptian Contracting Co. (AL Abd), with around EGP 369.4 million

Meanwhile, the SME market will include:

• National Asset Management &Investment Company, with EGP 55 million
• National Investment and Development (NIRCO), with EGP 45 million

The move comes as part of the government’s IPO program aimed at maximizing returns on state-owned assets and improving corporate efficiency, according to Hashem El-Sayed, CEO of the State Ownership Unit at the Cabinet.

Omar Radwan, chairman of the EGX, said the listings are expected to boost market capitalization, deepen liquidity, and broaden the investor base, while attracting more local and foreign investment.

The decision follows a similar approval two weeks ago for another six state-owned companies, including firms in mining, glass, refractories, and industrial manufacturing, as the government accelerates its public offering strategy.