An outside observer could be forgiven for thinking that Egypt’s capital market renaissance was coming unstuck earlier this year. When the government floated 10% of its holding in the Misr Aluminium Company on the Cairo Stock Exchange in January, investors voted with leaden feet, taking up less than 80% of the shares on offer.
But analysts in Cairo say that this slow take-up had little to do with the company itself and even less to do with Egypt’s very solid macroeconomic indicators.
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