Mohamed Farid, Minister of Investment and Foreign Trade, said the government is continuing preparations for the initial public offering (IPO) of Misr Life Insurance, with investor negotiations, valuation work and technical preparations currently under way ahead of completing all procedures required for the company’s listing and the commencement of trading on the Egyptian Exchange (EGX) before the end of the year.
Farid made the remarks while participating in the launch of the readiness programme for state-owned companies provisionally listed on the Egyptian Exchange, unveiled by the Financial Regulatory Authority (FRA).
The programme forms part of efforts to support the government’s IPO programme. The FRA has launched the first comprehensive initiative to prepare state-owned companies provisionally listed on the EGX through the Financial Services Institute and the Egyptian Directors Centre, the Authority’s two training arms.
Farid said the Financial Regulatory Authority is one of Egypt’s most important institutions for developing financial markets, adding that the programme is not merely an initiative but the implementation of the Authority’s statutory responsibilities under Law No. 10 of 2009. These responsibilities include promoting financial literacy, raising awareness, regulating non-banking financial markets, and establishing listing and admission rules.
The Minister of Investment and Foreign Trade said familiarising provisionally listed state-owned companies with listing and offering requirements is a fundamental step in preparing them for final listing and public offerings on the Egyptian Exchange.
He explained that the provisional listing framework was specifically introduced to provide companies with a transitional period during which they can complete all technical and regulatory requirements before admission to the market.
Farid said this phase enables companies to strengthen their accounting and financial readiness, prepare financial statements in accordance with Egyptian Accounting Standards, comply with audit requirements through auditors registered with the Financial Regulatory Authority, and receive training on disclosure rules, corporate governance, and the handling of material and non-material information, ensuring they are fully prepared before entering the capital market.
He added that these training programmes allow companies to acquire the necessary expertise before listing rather than learning through experience after an offering, which could result in errors or regulatory breaches. This, he said, improves corporate efficiency, contributes to successful offerings, and ensures the highest levels of regulatory compliance.
Farid praised the role of both the Financial Regulatory Authority and the Egyptian Exchange in delivering these awareness and capacity-building initiatives, stressing that the government fully supports these efforts and remains committed to close coordination among all relevant institutions to achieve the objectives of the state’s IPO programme.
He noted that the government IPO programme, first launched in 2016, has undergone significant development. Work is currently under way to prepare 20 state-owned companies that have been provisionally listed to meet the requirements for public offerings, thereby broadening the base of listed companies and deepening Egypt’s capital market.
Farid stressed that the government IPO programme is not solely intended to provide companies with financing or improve governance and disclosure standards, important though those objectives are. It also pursues the broader strategic goal of widening ownership and giving citizens the opportunity to own shares in state-owned companies and benefit from their growth and financial performance.
He said enabling investment in successful state-owned companies operating in sectors such as petroleum, insurance and industry gives citizens a genuine opportunity to participate in the economic returns generated by these businesses. The benefits of economic reform, he argued, should extend beyond stronger economic growth to include broader public participation in corporate ownership.
The minister added that widening ownership is one of the most effective ways to ensure a broader distribution of the gains from economic development and reform, as it allows a larger number of citizens to share in the financial returns generated by well-performing companies while strengthening financial inclusion, expanding investment participation, and deepening Egypt’s capital market.
Farid also pointed to international experience demonstrating the importance of institutional investment, noting that pension funds and insurance funds are among the largest investors in global capital markets because investments in companies generate sustainable returns for their beneficiaries while providing businesses with continued opportunities to raise capital and finance expansion.
He said promoting investment awareness and encouraging stock market participation are key pillars of sustainable economic development, adding that the new training programme represents an important step in this direction by preparing both companies and professionals to manage listing and offering processes efficiently.
Concluding his remarks, Farid praised the Financial Services Institute and the Egyptian Directors Centre for their role in promoting financial literacy and developing human capital within the non-banking financial services sector.
He stressed that the success of companies throughout the listing process depends on full compliance with the country’s legal framework, particularly the Companies Law, the Investment Law and capital market legislation. Such compliance, he said, will improve corporate readiness, enhance the business environment, and support the state’s objective of deepening the capital market while increasing private sector participation in economic activity.
