Egypt deters Heliopolis Housing’s additional listing plans

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Egypt postpones floating additional stake in Heliopolis Company For Housing and Development among the second phase of government initial public offerings (IPOs) programme, Minister of Public Business Sector Hesham Tawfik said.

He further noted that the second phase of the governmental initial public offering (IPO) will include new sectors that do not exist on the Egyptian stock exchange, which will attract more investors.

However the first phase of the government IPOs will include listing only Abu Qir Fertilizers and Alexandria Container and Cargo Handling Company. An additional stake of either companies would be floated by the end of next May.

In addition, the minister pointed out that the Egyptian government is intending to suspend the IPOs program during summer due to the drop in liquidity and volume of trading.