RIYADH: The Egyptian Financial Supervisory Authority has approved three initial public offering applications worth over 4 billion Egyptian pounds ($255 million) on the country’s bourse. The companies include the cosmaceutical company Macro Group Pharmaceuticals, which has a major fair value of 3.5 billion Egyptian pounds, Asharq reported. The other two companies are Nahr El-Kheir Company for Development and Agricultural Investment, and the Industrial and Engineering Enterprises Company, valued at 500 and 117 million Egyptian pounds respectively. The IPO of the three companies will enable them to expand and increase their business volume. It also allows foreign investments and diversifies investment options, Asharq reported, citing the head of the authority, Mohamed Omran.