الهيئة العامة للرقابة المالية

• • FRA Unveils IPO Training Details for Temporarily Listed Companies.
  • Seven Practical Modules Delivered by FSI and EIoD- FRA Training Arms.
  • End-to-End Simulation by FRA & EGX Experts, from Listing to Post-IPO Compliance.

Financial Regulatory Authority (FRA), chaired by Dr. Islam Azzam, hosted the inaugural session of a comprehensive training program designed to build the readiness of state-owned enterprises (SOEs) preparing for listing on the Egyptian Exchange (EGX). The event took place in the presence of Dr. Mohamed Farid Saleh, Minister of Investment and Foreign Trade; Dr. Hashem El-Sayed, Assistant Prime Minister and CEO of the State-Owned Enterprises and Public Offerings Unit; and Mr. Omar Radwan, EGX Chairman alongside senior leaders from government entities and targeted state companies.

This program forms part of the state’s broader strategy to deepen the capital market, broaden ownership bases and enhance private sector participation in the economy. By training and equipping government entities to meet all legislative and regulatory listing requirements, the initiative prepares these companies for seamless engagement with financial markets.

In his opening remarks, Dr. Mohamed Farid Saleh, Minister of Investment and Foreign Trade, underscored that FRA serves as one of Egypt’s paramount national institutions driving capital market development. He noted that today’s launch is a direct execution of the Authority’s statutory mandates which include regulating non-banking financial markets, setting listing rules and expanding financial literacy.

The Investment Minister stressed that educating temporarily listed state companies on listing and offering requirements, is an essential step toward ensuring their smooth transition to permanent listing and trading on the EGX. He highlighted that the temporary listing framework was specifically established to grant companies a transitional period to fulfill all technical and regulatory prerequisites prior to listing.

Dr. Farid added that the state IPO program extends far beyond securing capital or enhancing corporate governance and disclosure standards—crucial as those objectives are. Strategically, the initiative aims to expand the ownership base, granting citizens direct opportunities to participate in corporate ownership and share in the financial returns driven by economic growth.

For his part, Dr. Islam Azzam, FRA Chairman affirmed in his address that the program reflects strong synergy among various state institutions tasked with executing the government IPO program. He explained that the initiative focuses on building executive capacity within government entities, providing leadership with in-depth knowledge of the legislative, regulatory and technical aspects surrounding EGX listings and public offerings.

 He added that the program goes beyond theoretical concepts, adopting an executive, hands-on approach that incorporates practical workshops, real-world case studies and a complete simulation of a company’s journey from temporary listing to active trading. This hands-on structure is designed to boost readiness and ensure strict compliance with governance, disclosure and transparency standards in line with international best practices.

FRA Chairman commended the collaboration among participating institutions in transferring top-tier expertise to targeted companies, accelerating their fulfillment of listing requirements under the latest regulatory frameworks while ensuring post-listing compliance. He noted that the program will not be limited to the 20 companies currently provisionally listed; it will expand in subsequent phases to include state-owned enterprises targeted for IPOs across key sectors, including petroleum, mining, pharmaceuticals, tourism, contracting, education and manufacturing.

Dr. Hashem El-Sayed, Assistant Prime Minister and CEO of the State-Owned Enterprises Unit, stated that the program targets chairpersons, board members, chief executive officers, chief financial officers, governance and disclosure managers, investor relations directors, and executives involved in offering projects.

He commended the ongoing coordination with the Financial Regulatory Authority and acknowledged its multifaceted role in supporting the government IPO program which aligns with the objectives of the State Ownership Policy Document to enhance capital market attractiveness and optimize state-owned asset management.

On the other hand, Mr. Omar Radwan, EGX Chairman highlighted the importance of the program in advancing state efforts to prepare public sector companies for listing. He emphasized its role in strengthening inter-agency coordination, sharpening the skill sets of executive personnel leading listing procedures, and embedding governance and disclosure as a sustainable operational culture that elevates corporate efficiency across financial markets.

He noted that specialized teams from the Egyptian Exchange (EGX) are participating across the program’s various sessions. This institutional synergy among capital market regulatory bodies directly supports the success of the government IPO program and advances the state’s broader plan to boost private sector participation in the national economy.

The opening session featured a video presentation by Dr. Tarek Seif, Executive Director of both the Financial Services Institute (FSI) and The Egyptian Institute of Directors (EIoD) – FRA training arms. He outlined the program’s core objectives and its practical methodology based on hands-on simulations and interactive workshops. He highlighted the expertise of the instructors, which include senior officials from FRA, EGX and licensed offering advisors. He also detailed the program’s seven primary training pillars: a comprehensive overview of the legislative and regulatory framework governing the capital market, mechanisms for temporary and permanent listing, financial and accounting readiness, governance and sustainability requirements, disclosure and prospectus preparation, execution mechanisms for public offerings, and post-listing ongoing compliance obligations.

The inaugural cohort of the program, which launched today, spans seven intensive training days. It brings together executives, financial officers and senior managers from companies currently listed on EGX, with subsequent training cycles scheduled to roll out progressively to cover all remaining state-owned enterprises targeted for public offerings.