Kuwait’s Al-Salam Group Holding Co KSC has received approval to list on the Egyptian stock exchange and offer depository receipts, exchange chairman Mohamed Omran told Reuters on Wednesday.
Al-Salam Holding, an investment company listed on the Kuwait and Dubai exchanges, has tried unsuccessfully to offer depository receipts on the Egyptian bourse since 2013.
The Egyptian bourse’s listing committee also approved on Wednesday Beltone Capital’s request to offer shares later this year, Omran said. The private equity firm plans to offer 1 billion Egyptian pounds ($ 128 million) of shares during the fourth quarter.
“The approval for Al-Salam’s listing in the form of depository receipts is the first time for a non-Egyptian company and which does not operate in Egypt,” Omran said.
“With the listing of Kuwaiti Al Salaam Holding and Beltone Capital today there will have been 12 new companies listed on the Egyptian bourse since the beginning of the year,” Omran told Reuters by telephone.
Egypt’s stock market regulator has been working with the Egyptian bourse to simplify the process for companies looking to list on the exchange while offering new investment instruments such as exchange traded funds.
Al-Salam Holding is a public shareholding company established in 1997. It has been listed on the Kuwaiti bourse since 2005, according to its website.
($ 1 = 7.8300 Egyptian pounds)
($ 1 = 0.3030 Kuwaiti dinars) (Reporting by Eric Knecht; Editing by Yara Bayoumy and Mark Potter)