Egyptian Exchange Posted
The Egyptian Exchange (EGX) welcomed the new listing of Emerald Development & Project Management Company to be the company number 27 to join its SMEs market. The new company will be traded under the code EMDE. A ringing of bell ceremony in celebration of the new listing was held at EGX’s trading floor today in the presence of EGX & EMDE management as well as EBRD management and all related parties to the Egyptian SMEs market.
Public and private offering covered 45 Million shares representing 10.59% of company’s total shares with a price of EGP1.28/share and with a total value of EGP57 Million.
The IPO resulted in allocating 15.7 million shares with total value of EGP20.1 Million and representing 34.8 % of the total shares offered while the private placement allocated 29.2 million shares with total value of EGP37.4 Million representing 64.8%. The IPO was covered 1.9 times and the private 26.3 times. Egyptians participation in this offering represented 97.05% while foreigners represented 2.7%.
Dr. Mohammed Farid, Executive Chairman of The Egyptian Exchange (EGX), said that listing of Emerald Development & project Management Company is the first after the implementation of EGX’s comprehensive structuring development for the SMEs market. This is the result of the motivation of companies to benefit from listing in the SMEs market after reconstruction.
He added that “Egyptian Capital markets play a key role in helping companies operating in various sectors to reach the financing needed for growth, expansion and vision, which contributes to providing jobs and supporting the goals of economic and social development plans for different economies.”
Hashim Al Sayed, CEO of Emerald Development & Project Management Company, said that listing of Emerald Development & Project Management company reflects the success of EGX’s management in implementing the plan of structuring and developing the SMEs market, which will pave the way for them to achieve their goals starting from developing and strengthening the capabilities of companies that are restricted securities on EGX in parallel with strengthening the demand side to enhance liquidity and trading. He added that EMDE’s management will work to implement its plans and expansions in accordance with the announced schedules.
Alain Pilloux, Vice President, Banking, European Bank for Reconstruction and Development (EBRD), said that the Bank is interested in expanding its business in Egypt in a variety of areas that meet the development needs of Egypt. He added that the EBRD interest in supporting the SME sector, and strengthening the role of the private sector in economic activity, stressing that the coming period will see more successful cooperation between Egypt and the EBRD, after Egypt has proven remarkable efficiency in the implementation of its development projects.