The Egyptian government aims in the coming period to offer 4 large entities, in which the government owns different shares, on the Egyptian Stock Exchange.
According to Al Mal newspaper, the four entities are: Banque du Caire, Abu Qir Fertilizers, Heliopolis Housing and Development, and Misr Fertilizer Production (MOPCO).
The newspaper indicated that the target offering time for these entities is until the end of June of next year (2022).
She stated that this list represents the last update that the Government IPOs Committee settled on after the success of the e-finance offering last period.
On the other hand, sources familiar with the capital market said that legislative amendments to stock exchange taxes will be prepared during the coming period, including with regard to adopting the method of offerings in the stock exchange through increases. Capital, considering it a non-taxable fact, in order to comply with the recent Cabinet decision within the capital market incentives, as well as adding amendments to reduce the tax of acquisitions of listed companies.
According to the sources, the cabinet's decision means exempting the proceeds from the secondary sale by the old shareholders of the companies subject of the offering from tax if this proceeds will be directed to the benefit of the capital increases that take place In conjunction with the initial public offerings in the stock exchange.
