Misr Technology Services to be offered on EGX in 2024

Misr Technology Services (MTS) will be one of the companies to be offered on the Egyptian Exchange (EGX) next year, sources told Daily News Egypt.

The sources added that the government has appointed a legal advisor to the company to start the offering procedures, provided that a large share of the company, which may exceed 30%, will be offered.

The source explained that the offering could be divided between public and private, according to the desire of strategic investors to acquire a share in the company, especially since it is the strongest of the government’s IPO programme.

The company was included in the government IPO programme announced by the Prime Minister last February, which includes 32 government companies in 18 economic sectors, including 3 banks.

MTS was established as an Egyptian joint stock company, in which the state owns 80% of the company’s shares, and the shareholder structure consists of the Ministry of Finance, the Egyptian Company for Financial Facilities Management e-Finance, the National Investment Bank, and the Egyptian Company for Investment Projects, and Amiral Management Corporation.

MTS is the technical arm of the Ministry of Finance in the field of customs and its relationship to taxes, as the company recently clinched a contract with the Ministry of Finance to enhance current trade, across the border system in Egypt using the concept of a one-stop-shop and the project was named with the symbol “Nafeza”.

The company is responsible for implementing the Advance Registration System for Cargo Information “ACI”, which was launched in 2021, and its advantages included simplifying procedures for customs release of goods, and assistance in eliminating neglected and unidentified or sourced goods in Egyptian ports, and it also helps customs and concerned authorities in starting release procedures prior to the arrival of shipments (pre-release).