Egyptian Prime Minister Dr. Mostafa Madbouly delivered a speech at the Egyptian stock exchange to mark the launch of trading on Cairo Bank shares. He expressed his pleasure at attending the event, describing it as a pivotal moment in Egypt's economic reform journey. The Prime Minister highlighted that this was the largest public offering in the history of the Egyptian stock market.
Dr. Madbouly emphasized the significance of this event, which coincided with the 20th anniversary of the current Egyptian stock exchange building. He noted that the offering reflects the government's commitment to continuing its public offering program and expanding the ownership base for citizens and institutional investors. The Prime Minister also stressed that the event represents a major milestone in the Egyptian capital market's history.
The Prime Minister expressed his satisfaction with the successful implementation of the offering, stating that the government had worked for an extended period to reach this stage. He noted that the past period had seen questions from external parties regarding the government's commitment to its ownership policy and the offering of state-owned companies to investors. Dr. Madbouly asserted that the implementation of this offering demonstrates the government's seriousness and commitment to moving forward with its economic reform program.
Dr. Madbouly highlighted that the offering's success, with a valuation of over 80 billion Egyptian pounds and an offering value of over 36 billion Egyptian pounds, reflects exceptional achievement. He stated that these indicators demonstrate not only the strength and solidity of Cairo Bank's financial position but also global and local confidence in the Egyptian banking sector's stability.
The Prime Minister emphasized that the Egyptian government remains committed to implementing its public offering program, according to a clear strategic vision aimed at improving the efficiency of national companies and assets. He noted that this program seeks to establish governance and transparency principles, attract foreign investment, and support partnerships with the private sector to enhance the competitiveness of the Egyptian economy.
Dr. Madbouly expressed his gratitude to all parties and cadres that contributed to the success of this exceptional work, affirming that the achievement resulted from joint efforts and continuous cooperation between relevant institutions. He reiterated the Egyptian government's commitment to continuing the public offering program in various promising economic sectors to support economic reform efforts and enhance the role of the private sector in economic activity.
The launch of Cairo Bank share trading on the Egyptian stock exchange marks a significant step in Egypt's economic reform journey, reflecting the government's commitment to its ownership policy and economic reform program. The event demonstrates the government's ability to fulfill its economic obligations despite global challenges and regional and international uncertainties.
Key points
- The launch of Cairo Bank share trading on the Egyptian stock exchange is a significant step in Egypt's economic reform journey.
- The offering reflects the government's commitment to continuing its public offering program and expanding the ownership base for citizens and institutional investors.
- The success of the offering demonstrates confidence in the Egyptian banking sector's stability and the Egyptian stock market's ability to absorb large-scale offerings.
