We were engaged, as members of a team of international investment banking companies, in raising funds for joint stock companies in Egypt through offering and promoting their securities to investors in international and local capital markets. Our experience in this field includes developing information memorandums, offering circulars, prospectuses, and listing particulars for both the London and Cairo stock Exchanges. We compiled, reviewed and sometimes audited the relevant financial and management information, then reported in an appropriate form according to different reporting standards. Basically, we were the first accounting firm in Egypt to compile and report financial information of a100% state-owned company in accordance with the US Generally Accepted Accounting Principles (GAAP) and the International Accounting Standards (IAS).
State-owned companies maintain their books according to the government Unified Accounting System (UAS) which has different accounting policies and practices from those of GAAP and IAS. Our exercise therefore had a great impact in facilitating and enhancing foreign investors' understanding of the securities offered, and encouraging them to participate in the Egyptian capital market. Our work was taken as an example followed by other firms.