FRA to launch training programme for state-owned firms ahead of public offerings
The Financial Regulatory Authority (FRA) will launch a specialised training programme within days to prepare state-owned companies that have been provisionally listed on the Egyptian Exchange (EGX), along with their executive leadership, to meet listing and public offering requirements and adopt best practices in corporate governance, disclosure and investor relations.
The initiative forms part of the Authority’s efforts, led by Chairperson Islam Azzam, to support the government’s state ownership and public offering programme while enhancing the readiness of companies targeted for future listings.
Designed and delivered by the Financial Services Institute (FSI), the FRA’s training arm, the programme is the first national capacity-building initiative dedicated to supporting the government’s offering programme through professional training. It aims to strengthen the capabilities of corporate executives, enhance financial literacy, support the preparation of business plans and the financial and technical frameworks required for public offerings, and develop a national pool of specialists in capital market transactions.
The programme seeks to improve both the institutional preparedness and human capital of provisionally listed companies, with a particular focus on executive leadership. Its training methodology combines legislative and regulatory knowledge with practical application, enabling participants to translate technical requirements into effective decisions and operational procedures within their organisations.
Azzam said the readiness programme reflects the FRA’s developmental and awareness-raising role alongside its regulatory mandate and is being implemented in full coordination with the State Ownership Unit, headed by Hashem El-Sayed.
He added that the Authority is working to transfer international best practices and expertise to participating companies to help them meet listing and offering requirements in line with modern regulatory standards while maintaining compliance after listing. This, he said, would enhance the competitiveness of Egyptian companies, increase the attractiveness of the capital market to local and foreign investors, and diversify investment opportunities.
Azzam explained that the programme will be rolled out in successive cohorts, beginning with companies that have already secured provisional listings on the EGX before expanding to include companies scheduled for listing and public offerings in subsequent phases. This phased approach will provide technical and training support to all companies included in the state’s offering programme.
He noted that the programme is primarily intended for chairpersons and board members of state-owned companies, chief executive officers, chief financial officers, finance directors, disclosure and investor relations officers, governance and internal audit officials, and other senior executives involved in listing and offering processes.
Azzam stressed that the initiative represents a practical model for integrating the FRA’s regulatory and developmental responsibilities to build a more efficient and transparent capital market. By equipping executive teams with the knowledge and skills required to manage listing and public offering processes professionally, the programme aims to improve disclosure standards, strengthen corporate governance, enhance institutional performance, boost market confidence and protect investors’ rights.
For his part, Tarek Seif, Executive Director of the Financial Services Institute, said the programme will combine short lectures, case studies and integrated simulation exercises, allowing participants to gain practical experience across every stage of the listing and offering process—from fulfilling provisional listing requirements to final listing and the commencement of trading.
He added that the curriculum will cover the legislative and regulatory framework governing the capital market, provisional and final listing procedures, financial and accounting readiness, governance and sustainability requirements, disclosure obligations, prospectus preparation, public offering mechanisms, and post-listing compliance. Sessions will be delivered by specialists from the FRA, the Egyptian Exchange and FRA-licensed offering advisers.
The State Ownership Unit, headed by Hashem El-Sayed, has so far secured provisional listings for 20 state-owned companies on the Egyptian Exchange, including three petroleum companies and one tourism company most recently.
Last month, the FRA also hosted a broad coordination meeting involving all stakeholders participating in the state’s offering programme, including representatives of government entities, investment banks, financial advisers and audit firms. Participants agreed that provisional listings should primarily serve as a pathway towards successful public offerings while improving corporate readiness, increasing investor awareness of investment opportunities and ensuring robust protection of investors’ interests in the Egyptian capital market.
