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Egypt postpones 2nd phase of gov’t IPOs to Jan. 2020

Egypt postpones 2nd phase of gov’t IPOs to Jan. 2020

Cairo:  Any initial public offering within the second phase of the government offering program has been postponed until January 2020, after it was scheduled for September, Minister of Public Business Sector Hisham Tawfik told Enterprise.

"Some measures have taken more time and we will not be able to float companies for the first time until the end of the fourth quarter of this year," he said.

The second phase includes 10 companies, containing eight mining and industrial companies, in addition to e-finance and Banque du Caire.

Moreover, the minister said that it is expected to offer additional shares in three companies before the end of this year by one company per month or according to market conditions and the views of investment banks.

He added that the decision will be made after knowing the vision of the investment bank responsible for the offering of each company to determine the rate of offering of institutions, individuals, or public offering in accordance with market liquidity and capital market conditions. Source: Daily News Egypt

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