Fatima Al-Kashef

Three Egyptian state-owned companies have submitted a request to the Egyptian Stock Exchange for temporary listing on the main market, including two companies in the petroleum sector and one company in the tourism sector, according to data issued by the exchange this month.

According to three separate statements issued by the stock exchange, the companies that advanced are: the Egyptian Linear Alkyl Benzene Production Company “Eilab”, Al-Maamoura Company for Construction and Tourism Development, and the Marine Petroleum Services Company.

Quick background

The temporary listing is a mechanism launched by the Egyptian Financial Supervisory Authority in 2022 to facilitate the process of offering companies, provided that the offering or trading procedures - in the case of direct listing - begin within 6 months from the date of this listing.

The government has temporarily registered 16 government companies from various sectors, and has plans to register 4 more temporarily during this month. The government is also seeking to temporarily register 10 companies affiliated with the petroleum sector as part of its plans to accelerate a program of government offerings and implement a plan to divest from companies.

What do we know about the three companies?

(According to their websites and official data)

- Al-Maamoura Company for Construction and Tourism Development : It was established in 1964, and its activity dates back to 1934. It is affiliated with the Holding Company for Tourism and Hotels, and specializes in acquiring lands suitable for construction and development, and carrying out the work of establishing, exploiting and managing residential and tourism projects, in addition to investing in agricultural lands.

The Maamoura beach area in Alexandria is owned by the company, in addition to a group of chalets and floating hotels. The company’s issued capital is 250 million pounds.

- The Egyptian Company for the Production of Linear Alkyl Benzene “ELAB”, established in 2003, specializes in the petrochemical industry. Linear alkyl benzene (LAB) is one of the raw materials used in laundry detergents, mild dishwashing liquids, and industrial detergents.

Elab is a company affiliated with the Ministry of Petroleum and Mineral Resources, and its capital amounts to $210.02 million.

- Petroleum Marine Services Company “PMS” , established in 2001, operates in the field of marine construction contractors and marine services. It is one of the companies affiliated with the Egyptian General Petroleum Corporation, and the company owns a fleet consisting of 20 marine units.

PMS has a branch in Saudi Arabia, and among its largest completed projects are the October field development project and the Shuaib Ali development project. Its issued capital amounts to $120 million.

(Prepared by: Fatima Al-Kashef, Edited by: Omnia Assem and Shaimaa Hefzy, Contact: zawya.arabic@lseg.com )

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