Giza Systems’ Initial Public Offering (IPO) in the Egyptian Exchange (EGX) was delayed because of the turmoil in the local, regional and international markets, CEO of Beltone Capital Hazem Barakat said.

On January 19, the spokesperson to presidency, Alaa Youssef announced that Egypt’s government intended to list shares of a certain number of banks and state-owned companies on Cairo bourse.

The Egyptian Exchange (EGX) requested from all the listed companies to disclose their current operational and financial status and the extent of the existence of any undisclosed material events that explains the recent moves in stock prices. EGX also demanded them to quickly complete their financial positions until 31/12/2015 so as to reflect the real situation of those companies, in a way to help the investor to form a realistic vision about their performance away from the cases of unexplained panic sweeping markets at some times, which is not based on sound economic basis.

The Egyptian bourse is expected to witness the biggest number of IPOs in its history in 2016 if companies registered at the bourse offer their stakes in the stock market in line with the set rules, chairman of the Egyptian Exchange Mohamed Omran said.