The Egyptian Stock Exchange celebrated today, at its historic headquarters in downtown Cairo, the ringing of the trading bell to mark 30 years since the Commercial International Bank (CIB) launched Global Depositary Receipts (GDRs) in global markets.

 The celebration was attended by Omar Radwan, Chairman of the Egyptian Exchange, Mohamed Sabry, Vice Chairman of the Exchange, Hisham Ezz Al-Arab, CEO of Commercial International Bank - Egypt (CIB), Islam Zakaria, Group Chief Financial Officer and Chief Operating Officer and Executive Board Member of Commercial International Bank - Egypt - CIB, Yasmine Hamida, Director of Investor Relations at Commercial International Bank, Tony Touma, Business Development Officer for the Middle East and Africa at Bank of New York, Mahmoud Salem, Managing Director of Issuance Services at Bank of New York Mellon (BNY Mellon), Dr. Ghada Abdelhadi Kandil, Head of Representative Office of Bank of New York - Egypt, Mohamed Akl, Sales Director for Africa and the Middle East at the London Stock Exchange Group, in addition to the participation of a number of capital market experts and partners in success in the Egyptian and international capital market.

For his part, the Chairman of the Egyptian Stock Exchange affirmed that the celebration of 30 years since the launch of the first Global Depositary Receipts (GDR) program represents a milestone in the history of the Egyptian capital market, noting that the historic headquarters of the Egyptian Stock Exchange and the trading hall witnessed many important milestones that contributed to shaping the market’s journey, most notably the launch of the first Global Depositary Receipts program in 1996. 

Radwan added that today’s celebration of 30 years since the launch of the GDR program confirms the Egyptian Exchange’s commitment to continuing to develop the capital market and opening new horizons for cooperation with various partners, which enhances the depth of the Egyptian market and supports its attractiveness to investors.

The Chairman of the Egyptian Stock Exchange also thanked all the companies and institutions participating in this event, appreciating the long-standing partnerships that have contributed to supporting the progress of the Egyptian capital market over the past years. 

In the same context, Hisham Ezz Al-Arab said that the Commercial International Bank worked on building a balanced and attractive shareholder structure for international investment institutions, benefiting from accumulated experience in managing investor relations, which contributed to attracting a number of global investors and investment funds, which strengthened its position in the financial markets and consolidated investors’ confidence in its performance. 

Ezz Al-Arab stressed that companies that aim for sustainable growth and provide diverse sources of funding should be keen to increase the percentage of free float shares, noting that the increase in this percentage directly reflects on the attractiveness of the stock and its valuation in the market.

Hisham Ezz Al-Arab stressed that raising the free float ratio must be accompanied by a full commitment to disclosure and transparency standards, as they are the two main pillars for enhancing investor confidence, achieving fair valuations of companies, and supporting their ability to attract capital and achieve sustainable growth.