EGX Chairman expects to launch a Treasury Bills Index this year
The Egyptian Exchange (EGX) is expected to launch a Treasury Bills Index this year, Ahmed El Sheikh, the chairman of the bourse told Zawya in an interview.
El Sheikh's statement came on the sidelines of the annual conference of the Arab Federation of Capital Markets that was held in Tunisia in the middle of this month, in which several African and Arab stock exchanges participated.
"Within a short period, we hope to issue a Treasury Bills Index... this year, God willing," El Sheikh said.
El Sheikh had announced in a previous interview with Zawya last February the Exchange's intention to develop three indices, the Treasury Bills Index, a Low Volatility Stocks Index, and an index that combines sustainability and Shariah-compliant standards.
In his interview with Zawya in Tunisia, El Sheikh said that work is underway on the other two indices and that they might be launched this year as well after the Treasury Bills one.
Behind the headline
While the EGX is seeking to attract government offerings to support private sector initial public offerings (IPOs), it is also working with the Financial Regulatory Authority (FRA) to curb the delisting of companies from the market.
"We saw two companies delisting from the Exchange as a result of an investor acquiring them through the (offering) program... in coordination with FRA and relevant entities in Egypt, we are trying to ensure that whoever buys a (listed) company or acquires a public share (in it), should buy up to 90% and leave a minimum percentage of free float on the stock exchange," El Sheikh said.
According to the listing rules on the EGX, free float shares must not be below 10% for both the main market and the small- and medium-sized enterprises market.
In 2023, a government entity sold a majority stake in the Paints and Chemical Industries Company (Pachin) to the UAE-based National Paints company as part of the government's IPO program. Pachin was subsequently delisted from the stock exchange.
In the same year, government institutions, including Banque Misr, the country's second-largest state-owned bank, divested from Al Ezz Dekheila Steel Co. - Alexandria, a subsidiary of Ezz Steel Group. Al Ezz Dekheila Steel Co. delisted from the stock exchange after that.
Click here for the Arabic article.
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