The financial markets’ followers depend on official reports as an essential source for information. However, it seems that they have to double check the information mentioned in the Egyptian stock exchangereport of 2015 before they can build a certain investment vision.
In a strange incident, the Egyptian stock exchange announced in an official report that it came at the first rank over the region in regard of the issuance of new shares in 2015, with EGP 6.2bn issuances recording the highest rate in ten years.
By checking the data of the issuances in the region, it was found that the Saudi stock exchange “Tadawul” occupies the first rank with Saudi Riyal (SR) 4.152bn (EGP 8,665.22bn). Even if the new shares of Al-Andalus Property Company worth SR 378bn are disregarded because they have not been issued for trading yet, Tadawul will stay at the top of Arab new shares issuance in 2015 with SR 3.774bn (EGP 7,877.09bn).
The details of Saudi stock exchange in 2015 showed that it received the first issuance of shares in April by issuing 30% of Middle East Paper Company’s (Mepco) shares. The company collected SR 450m through issuing 15m shares with SR 30 for each.
In May, the Saudi Company for Hardware (SACO) issued 30% of its shares for trading equivalent to 7.2m shares worth SR 504m with SR 70 for each share.
In June 2015, Saudi Ground Services Company (SGSC) issued 30% of its shares equivalent to 56.4m shares with SR 50 for each, recording SR 2.820m in total.
As for the Egyptian stock exchange, there were a number of issuances including four large-sized companies. Orascom Development Holding AG came at the top of list by issuing 15% of its shares in January equivalent to 26m shares with EGP 15.20 for each, registering EGP 506.1m in total.
In second place, came Orascom Construction Industries Company (OCIC) as it sold 12.984m shares with EGP 108.71 for each, bringing the total to EGP 1.41bn.
The third issuance in the Egyptian stock exchange was made by Edita Food Industries which has issued 30% of its shares equivalent to 108.804m shares worth EGP 2.012bn with EGP 18.5 for each.
In July, EMAAR Misr (EMFD) issued 12.99% of its shares for initial public offering equivalent to 600m shares with EGP 3.8 for each, registering EGP 2.280bn in total.