Egyptian bourse approves listing EG Bank as main trader

The membership committee at the Egyptian Exchange (EGX) has approved listing the Egyptian Gulf Bank (EG Bank) as a main trader on the local stock market in accordance with the committee’s rules.

Pharos Research had previously set its fair value (FV) for EG Bank’s stock at $1.10, implying an ‘Equalweight’ recommendation.

The financial indicators of the bank showed a seven-percent increase in consolidated profits for the first quarter of 2018, recording 146.3 million pounds from 136.9 million pounds.

EG Bank’s capital amounts to $342.8 million distributed over 342.8 million shares at a par value of $1 per share.