Financial lease firm Al-Tawfeek Leasing Company is reportedly planning to increase its listed shares on the Egyptian Exchange (EGX) to 24 percent.
A source in the Egyptian Financial Supervisory Authority (EFSA), which received a request from the company, told Egypt Today that they formed a committee to study Al-Tawfeek’s request.
“Al-Tawfeek has already announced in September that it considers launching 15 percent of its shares on the EGX,” company Chairman Tarek Fahmy said at that time, expecting the launch to occur before the end of 2017. The company was studying the fair value assessment then.
In the first quarter (Q1) of 2017, the company posted 13.45 percent decline in its consolidated profits to stand at LE 15.65 million, compared to LE 18.08 million in Q1 2016.
The unconsolidated profits retreated 24.67 percent as well to reach LE 12.09 million, down from LE 15.07 million in the corresponding quarter last year.