CAIRO, Sept. 7 (Aswat Masriya) - Trading on the Egyptian company MOPCO's stocks commenced on Wednesday, making it the first public sector company to be enlisted on the stock exchange in 10 years.

The stock value sky rocketed by 395 per cent at the start of trade.

Founded in July 1998, MOPCO is one of the petroleum sector companies located in a free zone in Damietta.

However, decisions issued in 2008 resulted in an increase in taxes, fees and prices of petroleum product. Since then, the company has not enjoyed any tax or custom exemptions which are usually granted by free zones.

Although the company appealed the constitutionality of the decisions, the Supreme Constitutional Court has yet to schedule a session to look into the matter.

The company's capital values at EGP 2.291 billion distributed over more than 229 million shares at a rate of EGP 10/ share.

According to Misr Financial Investments Company, MOPCO will be the primary producer of Urea in Egypt in the current year after introducing new expansions that will enable it to produce around 1.9 million tons annually.

MOPCO is in competition with five other companies in the market. The company exports 68 per cent of its output, and has acquired 11 per cent of local market share until 2015.

The company faced difficulties in the past two years due to shortages in natural gas, therefore negatively affecting its overall output and net profits.

However, the situation has improved in 2016 according to the company's report to the Egyptian Bourse.

The last time public sector companies were enlisted on the stock exchange was in 2005 when Telecom Egypt, AMOC and Sidi Kerir Petrochemicals had their shares in trading.