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Monday, 11 November 2019

Egypt Stock Exchange eases rules for listing companies

In an effort to attract new investment, Egypt's stock exchange has eased the process of companies listing, cutting half the red tape

Ahram Online, Wednesday 22 Oct 2014
Egyptian stock exchange
File Photo: A general view of the Egyptian stock exchange in Cairo August 18, 2013 (Photo: Reuters)
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Egypt's bourse has modified regulations for companies to be listed on the stock exchange, in order to attract more investment.

New companies seeking to get listed are now required to present only 12 documents versus 24 previously, according to a press release from the stock exchange administration.

Starting Thursday, listed companies no longer have to present bank statements showing the progress of their capital to register. Neither will they be required to present their general assembly and board of directors minutes approving capital increases, as long as they present the approval of capital increase by Egypt's financial regulator, among others.

"It is the responsibility of the regulatory authority to check whether the companies have fulfilled the capital requirement," said the bourse statement.

Stock exchange chairman Mohamed Omran told Reuters this month that the exchange expected to approve 10 listings this year.

The first major initial public offering (IPO) on Egypt's bourse in three years took place in May as Arabian Cement Co was listed after raising $110 million in its IPO.

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