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Kuwait's Al Salam presents a disclosure report on issuing certificates of deposit to the EGX next month - Daily News Egypt

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Kuwait’s Al Salam presents a disclosure report on issuing certificates of deposit to the EGX next month

The company plans to complete the report within one month. It will include the number of shares to be offered and the fair value per share, which has been set by an independent financial adviser


Al-Salam Holding is preparing a disclosure report to offer its shares on the Egyptian Exchange (EGX) in the form of certificates of deposit, said vice chairperson and CEO of Prime Holding Mohamed Maher, who is acting as the financial adviser of the company’s initial public offering (IPO) on the EGX.

The company plans to complete the report within one month. It will include the number of shares to be offered and the fair value per share, which has been set by an independent financial adviser.

Al Salam Holding will submit its disclosure report to the Egyptian Financial Supervisory Authority (EFSA) in June in preparation for issuing the certificates, said Maher.

According to preliminary data for the IPO, the company plans to offer 30% of the shares on the EGX. In 2014, the company received approvals from the EGX to register Egyptian certificates of deposit for a maximum of 77m shares, where each certificate will equal one share.

Certificates of deposit are considered a mean of double-entry of the shares of companies with more than one stock exchange. The process includes setting a base to transform shares into certificates. Orascom Development was the first company to issue certificates of deposit in Egypt.

Al Salam Holding was established in 1997 as a Kuwaiti holding company. Its shares were listed on the Kuwait Stock Exchange in 2008. They were later offered in Dubai Mercantile Exchange. The paid-up capital of the company amounts to KD 27m, distributed across 270m shares, each of a nominal value of 1 fils.

 

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