By Ehab El-Dababy
Renaissance Capital investment bank is working on several proposals to list companies in the Egyptian Stock Exchange (EGX).
Ahmed Badr, the MENA CEO of the bank, said that the Egyptian government has the will to change and enhance the investing environment, and indeed the investments have come from the Gulf countries.
“The aid the government received in the form of deposits or investments will support the country’s foreign exchange reserves, which will have a positive impact on the local currency in front of the dollar and curb the black market,” he added.
He noted that Renaissance Capital has signed memoranda of understating to manage public bonds for companies in EGX, but he refused to announce the name of these companies until the final agreement is sealed.
He revealed that mechanisms to attract foreign liquidity to Egyptian capital include the presence of controls to convert profits, and a clear tax policy, in addition to a diversity of companies.
He added that Renaissance Capital is focusing on the retail, health services and education sectors, noting that governmental reforms, as well as investment, tax and companies laws will improve the way investors see Egypt.
Badr explained that international bonds issued by the bank for the benefit of Qalaa Holding for financial consultations will be no less than $100m. He did not specify the final value or time of issuance.
Qalaa Holding hired Renaissance Capital at the beginning of this month as a financial consultant during the process of issuing bonds to be raised in international markets.