Kuwait's Al-Salam to list on Egypt exchange

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.