Holding Company for Maritime and Land Transport (HCMLT) affiliated with the Egyptian Ministry of Transport plans to offer its subsidiary, Egyptian General Warehouses, on the Nile Stock Exchange in the first quarter of 2023.
The Egyptian General Warehouses operates in the transportation and logistics sector in the areas of warehousing, customs clearance and goods transportation.
Solid Capital undertakes the work of restructuring and developing the company, implementing operational and investment expansions, and preparing the company for offering on the Egyptian Exchange by sponsoring its offering in the small and medium enterprises market.
Mohamed Reda, CEO of Solid Capital, told Daily News Egypt that his company is undergoing a restructuring process in preparation for the offering on the small and medium enterprises market.
This is provided that a procedure will be taken to increase the company’s capital during the next two years to include it in the main market.
Reda added that the HCMLT plans to offer 25% of the company, and is currently working on conducting an evaluation, expecting to be listed in the Egyptian Exchange’s Securities Committee during the current week.
He pointed out that the offering will take place during the first quarter of this year.
In September, informed sources told Daily News Egypt that the Ministry of Transport had sent the files of 35 of its subsidiaries to the Egyptian Exchange, to consider offering them during the coming period.
The Egyptian capital market will witness many listing operations during the next few days.
They added at that time that 6 companies sent to the stock exchange are ready directly to obtain the EGX’s approval of the temporary registration.
The amendments recently approved by the Financial Regulatory Authority will give a boost to the offering plans. These amendments will allow the companies will be able to enter the offering and registration procedures in stages, and many may take place of government offerings depending on this mechanism with the improvement of liquidity levels in the market.
