Three local energy-related firms to list on Egypt stock exchange

Cairo: Three local energy-related firms with combined capital of more than 8.5 billion Egyptian pounds ($1.11 billion) intend to list on Egypt’s stock exchange, the bourse said on Tuesday.

The listings form part of a flurry of initial public offerings, mergers and rights issues that have boosted activity on the EGX 30 Index, which had struggled to win investor confidence during years of political and economic turmoil since Egypt’s popular uprising of 2011.

The EGX has attracted six new companies in the first quarter of 2015, representing combined capital of around four billion pounds.

EGX is “coordinating with the three new companies in the petroleum sector with capital of more than 8.5 billion pounds that are planning to list in the coming period,” the exchange said in a statement.

The three companies are refining firm MIDOR, which has capital of $1.1 billion, refrigeration firm Gas Cool, with capital of 125.5 million pounds, and Nile Marketing, with 50 million pounds in capital, the exchange said.

Egypt’s state-owned Misr Fertilizers Production Company (MOPCO) applied last month for a listing on the Cairo stock exchange with capital of 2.3 billion Egyptian pounds.

Many Egyptians hope President Abdul Fattah Al Sissi can restore stability, foreign investment and economic growth that suffered badly over the four years since the revolt that toppled veteran autocrat Hosni Mubarak.

Government officials said deals worth a total of $36 billion were signed at an investment summit last month.