Arab Finance: Future Care for Medical Industries (FCMI) began trading on the Egyptian Exchange’s (EGX) Main Market after completing its transfer from the small and medium-sized enterprises (SME) market and meeting the applicable listing requirements, as per a statement.

The EGX marked the move with a bell-ringing ceremony attended by EGX Executive Chairman Omar Radwan, Vice Chairman Mohamed Sabry, Future Care Non-Executive Chairman Ayman Khalifa, and representatives of the company and the exchange.

The transfer followed a fully subscribed EGP 57.5 million capital increase, which raised Future Care’s issued and paid-up capital from EGP 57.672 million to EGP 115.172 million. The company also achieved a free float of 99.9974%.

Future Care was initially listed on the SME market at the end of 2012 with EGP 4 million in capital and eight shareholders. Successive capital increases expanded its shareholder base to about 4,966 investors, while its market capitalization is expected to approach EGP 885.6 million following the listing of the new shares, based on the latest closing price cited by the EGX.

Radwan described the company’s journey as an example of how the Egyptian capital market can finance businesses at different stages of development, noting that its expansion reflected its adherence to disclosure and governance requirements, as well as sound management practices.

He added that Future Care’s progression demonstrated the role of the SME market in helping promising companies develop before transferring to the Main Market, where they can access a broader investor base and additional financing tools.

The EGX has also signed a cooperation protocol with the Micro, Small and Medium Enterprise Development Agency (MSMEDA) to provide incentives and facilities intended to encourage more SMEs to list and finance their expansion.

Khalifa said the full subscription to the capital increase and the company’s transfer to the Main Market reflected growing confidence in its performance and future plans. He added that capital-market financing would support Future Care’s investment and expansion program.

The company plans to allocate its resources to upgrading its factories, expanding production capacity, and increasing its manufacturing of medical products and supplies. These investments are intended to help it meet market demand, contribute to the healthcare and pharmaceutical sectors, and create jobs.

Khalifa also commended the government and the EGX for developing the capital-market framework and improving its ability to finance corporate investment.

Moreover, Future Care expects its Main Market listing to widen its access to investors and help fund productive investments in line with its future needs.