CAIRO: The Egyptian American Company for Brokerage is poised to list its shares on the Cairo & Alexandria Stock Exchanges with a target offering of 20 percent of the company for trading during the first quarter of next year.
Chairman of the company Adel Abdul Fattah said on Wednesday that the timing for the initial public offering could be earlier in the event that the measures of listing and capital increase to LE 25 million were finalized.
He pointed out that the company is taking measures to obtain a license from the Capital Market Authority to provide investment banking services, including asset management, mutual funds and underwriting activities.
“The company looks to become one of the ten largest brokerage firms in the Egyptian market in the short term and among the five largest later, Abdul Fattah said.
He rebuffed speculations that the company’s partners from the United Arab Emirates may increase their stake in its capital.
“Ithraa Capital, which bought up 36 percent of our company three weeks ago, was looking to increase its stake to more than 40 percent, he explained. “But talks between Egyptian and UAE representatives showed that the Egyptian partners insist on keeping the company’s stake at 36 percent.
The Egyptian American Company for Brokerage had obtained a license to provide same-day trading services several months ago. The brokerage firm also seeks to get an online trading license.