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EFSA issues new regulations for offering shares on the Egyptian Exchange

Ahram Online , Monday 30 Oct 2017
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Views: 2340

The Egyptian Financial Supervisory Authority (EFSA) issued new regulations governing companies' offering of shares on the Egyptian Exchange (EGX), according to a statement issued Monday.

The regulations require registration with the EFSA, completion the requirements of conducting fair value, issuance of an accredited disclosure for the offering.

According to the statement, the EFSA will look into companies’ requests for offering shares within 15 days, and will give companies one month to complete the offering and begin trading on the EGX.

The decision applies both to the offering of a company's existing shares and the offering of new shares to increase a company's capital.

“The decision is expected to encourage companies to offer their financial instruments within a short period of time, provided they abide by financial valuation standards in determining the shares’ fair value,” the statement read.

This is part of a larger set of upcoming executive regulations by EFSA, which will be issued after it consults with the EGX.

The full set of regulations will be published in the Official Gazette.

The EGX is set to launch new financial instruments, including a commodities exchange, sukuk, allowing short-selling on the EGX, and a secondary bond market, EGX chairman Mohamed Farid said last month.

The House of Representatives is also set to begin discussing Capital Markets Law amendments soon.

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