EGX welcomes trading on its first listed company in financial leasing sector

EGX starts trading today on Altawfeek Leasing Company (ATLC.CA), which is the listed company number 222 in its main market, the ceremony took place in the presence of Mr. Mohsen Adel vice chairman of EGX, Mr. Mohamed Abdel Salam, Chairman of MCDR with Chairman of Altawfeek Leasing Company and representatives of Pharos Holding, the IPO manager.

On the occasion, Mr. Mohsen Adel said that the EGX is constantly concentrating on listing strong companies to diversify options for investors, thereby increasing trading volume as a key guarantee and success incentive to the new offerings and subscriptions.

Adel confirmed that the new company is the first traded company in the financial leasing sector, which strengthens the vision of EGX’s management to attract companies from different sectors in order to achieve sustainable economic growth and development, and added:

Listing of strong companies, improving the trading environment, introducing and activating new financial instruments and products, along with increasing the ways of communication with local and international organizations, are our current priorities to develop the capital market.

Mr. Tarek Fahmy, Chief Executive Officer and Managing Director of Altawfeek Leasing Company said that the purpose of the offering is to expand the company’s shareholder base and to diversify funding sources to reduce cost and risk. Which will contribute to increasing and strengthening the company’s activity in the market during the coming period, along with offering an organized and fair mechanism for exit and entry of new shareholders, and this target is achieved through EGX’s platform.

The public offering was oversubscribed 28 times to 4.8 million shares, with a total purchase order of 134.5 million shares. The private placement was covered 40 times.

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