Egypt registers its third IPO during the year and calls on companies affiliated with the Egyptian army to offer their shares for subscription

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(MENAFN – Akhbar Al Khaleej) Tenth of Ramadan Company for Pharmaceutical Industries and Diagnostic preparations is Ramid, the third company to offer its shares on the Egyptian Stock Exchange during the year 2019. The public offering of the shares of “Ramida” witnessed a great demand, as the subscription achieved a coverage of 117%, and raised 108.7 million American dollar. During the year 2019, Egypt witnessed two other subscriptions, the first being the “Speed ​​Medical” company in the second quarter of the year, and the second was the company “Fawry” in the third quarter.

The Egyptian government called for the inclusion of army affiliates on the Egyptian stock exchange in order to enhance the level of transparency and disclosure, and this move is expected to contribute to raising billions of Egyptian pounds as part of government privatization plans aimed at raising funds for the purpose of achieving economic development and implementing strategic expansions.

In this context, Gregory Hughes, Head of Subscription Services in the Middle East and North Africa at EY, said: “The economic challenges continued to cast a shadow on the investors’ confidence in the region during 2019 until the shares of Saudi Aramco were subscribed. Recently, MSCI and FTSE, privatization campaigns and government initiatives in the GCC and Egypt carry many promising opportunities, as companies and investors alike will be more cautious and anticipating during the first half of this year.

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