Metropolitan Egypt Eyes IPOs On EGX of SMEs In 2 Months
Metropolitan Consulting (S.A.E.) is seeking to finalize all the procedures necessary for listing its stocks in the Egyptian Exchange of the Small and Medium Enterprises (SMEs) – NILEX within the upcoming two months, the CEO said on Sunday.
In an exclusive statement to Amwal Al Ghad, Dr. Khaled Nagaty – the CEO of Metropolitan Consulting – announced that his firm will be issuing its initial public offering of its shares via one of the NILEX’s Nominated Advisors ‘First for Financial Consultancy’.
Dr. Nagaty explained that First for Financial Consultancy will advise and assist the Metropolitan on all its responsibilities during the application process and its responsibilities to maintain its status once listed.
He further noted that Metropolitan Consulting is planning to boost its capital current worth EGP one million so as to comply with the NILEX’s listing requirements.
“Metropolitan is currently in talks with First for Financial Consultancy over the company’s targeted capital hike.” Dr. Nagaty added
EGX of SMEs, known as NILEX is the Egyptian Exchange’ market for growing medium and small companies, offering an appropriate, secure, yet flexible regulatory framework, for both companies & investors, together with a streamlined admission process. NILEX provides access to long-term capital for the expansion of the listed firms’ businesses.
Listing of the small and medium companies on the Egyptian Exchange shall be enacted according to the following rules:
1) The minimum shares offered should not be less than 10% of the total issued shares. Within the context of those rules, the term offering refers to the sale of the company’s shares through the stock exchange based on the Disclosure Report stated under Item (2) of Article (4) of the Egyptian Exchange’s Listing Rules.
2) Founders and Board members should maintain a minimum of 25% of the applicant company for a minimum period of two years starting from the date of the offering stated above.
3) The number of shareholders should not be less than 25.
About Metropolitan Consulting:
Metropolitan Consulting (MC) was originally founded in the USA on 2000.On 2008 it launched its office in Egypt and grew to be a leading consultancy firm specialized in credit and financial consulting for both debt and equity markets.
Metropolitan Consulting (S.A.E.) was established in 2008 in order to present a variety of financial & credit services to both SMEs & Corporate companies in Egypt.
Metropolitan is the first credit & financial advisory firm in Egypt to provide all types of credit consulting services in additions to all needed assistance to our clients to improve their debt management and credit scoring. It is a pioneer firm in Egypt to be established in order to work side by side with borrowers to enhance their credit awareness as well as their financial habits.
Metropolitan consulting have over 50 local and foreign professionals that are on our lists of services covering a variety of functions (Marketing, Credit, Risk, Investigation & I-Score, Legal, etc…) .
Metropolitan Consulting aims to become the most recognized financial and credit consulting leader in the Middle East.
