Two New Companies Set to Join the Algiers Stock Exchange in July
Two new companies are set to join the Algiers Stock Exchange in mid-July, increasing the total number of listed firms from eight to ten.
Youssef Bouzenada, Chairman of Algeria’s Commission for the Organization and Supervision of Stock Market Operations, known as COSOB, announced that the public subsidiary CRAPC will be officially listed on July 14, followed by information and communication technology company IRAD on July 15.
Speaking at a press conference in Algiers, Bouzenada said both capital-raising subscription operations were completed successfully and within the scheduled deadlines. Demand exceeded the number of shares offered in both cases, reaching a subscription rate of 104.55 percent for CRAPC and 138.40 percent for IRAD.
CRAPC’s subscription was reserved for universities, research centers, higher education institutions and subsidiaries of scientific and technological bodies. Investors requested 40,776 shares, compared with the 39,000 shares offered. The requested amount reached 65.24 million Algerian dinars, against an initial offer of 62.4 million dinars.
Algiers accounted for 60.74 percent of CRAPC subscriptions, followed by Constantine with 13.51 percent and Oum El Bouaghi with 5.68 percent.
For IRAD, which specializes in information technology, software engineering and digital services, 1.25 million shares were offered. Demand reached nearly 1.73 million shares, with subscriptions recorded across 53 provinces. The total subscription value reached approximately 1.38 billion dinars.
IRAD Chief Executive Mohamed Lamine Belbachir said the company’s entry into the stock exchange would provide new momentum to the firm, established in 2009, and encourage other businesses to enter Algeria’s financial market.
CRAPC’s listing was also described as an important step toward transforming scientific research results into economically valuable projects and supporting Algeria’s broader economic development.
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