Misr Oil Processing and Fertilizers Company (MOPCO) will be the first public company to list on the Egyptian stock market in years with a capital of EGP 2.3bn.The company filed for the official listing request on Thursday.
In September, the company’s chairman Hassan Abd El-Alim told Daily News Egypt that the company considered listing in early 2015.
“During the last meeting of our general assembly, the decision to have an initial public offering was reached,” Abd El-Alim said.
In a recent interview, Chairman of the Egyptian Stock Exchange (EGX) Mohamed Omran said that public companies’ IPOs will be through capital increase.
“Many public companies need to develop and expand to other facilities and the stock market provides the finances to do that,” Omran said.
Omran explained the difference between selling existing shares and capital increases, saying “the company doesn’t sell their shares in the market, but rather increase the capital and allow the public to share and participate”.
Minister of Petroleum Sherif Ismail announced that his ministry is currently choosing between 10 companies in the sector to offer them on the EGX.