Religious Endowments Ministry Eyes IPOs for Affiliates on EGX

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Egypt’s Ministry of Religious Endowments is studying to offer affiliated companies for public subscription.

This comes after a meeting held between Egyptian Stock Exchange (EGX)’s Chairman Mohamed Omran and Endowments Minister Mohamed Mokhtar Gomaa, discussing enlisting some companies affiliated to the ministry to the EGX. The meeting also reviewed the capital market role in assisting the ministry in the management and development of the portfolio investment Department-owned Egyptian Awqaf authority.

Through the meeting, the ministry has agreed in principle to study the offering of companies affiliated to the ministry for public subscription.

The move is aimed at capitalizing on the current activity in the local stock market, Omran said, adding that the IPOs will positively reflect on both the stock exchange and those companies.
It was agreed to hold training sessions for elders advocates introduce the role of real exchange and organize visits to educate them about the role of stock market.
Omran said the visit is a first step in a series of meetings to be held with a number of institutions and bodies that owns and operates a number of public or private companies, so it is important to raise awareness of the benefits of the company’s shares on the capital market and its impact on the development and management of these companies.