Last Update 21:17
Thursday, 21 March 2019

Egypt eases rules for companies on stock exchange

Reuters, Thursday 23 Jan 2014
Stock exchange
The new rules will make it easier for companies to list on the stock exchange. (Photo: Reuters)
Share/Bookmark
Views: 878
Share/Bookmark
Views: 878

Egypt's financial regulator will implement new regulations for companies listed on the stock exchange on Feb. 1 to help boost trading on the bourse and attract more investment, its chairman said on Wednesday.

A listed company will no longer need permission from the Egyptian Financial Supervisory Authority to split shares or have to call a general assembly prior to a capital increase as long as it complies with pre-set rules, EFSA head Sherif Samy told Reuters by phone.

The new rules will also make it easier for companies wishing to list on the stock exchange, Samy said.

Much of the activity in Egypt's capital markets froze up during the political instability which followed the toppling of President Hosni Mubarak in February 2011.

Samy told Reuters in October that listing regulations were in "dire need" of change.

The weakness of the stock market deprived companies of a source of funds, hurting their balance sheets and business confidence. The market has recovered only partially since Islamist President Mohamed Mursi was overthrown last July following mass protests against his rule.

As part of Egypt's drive to attract much needed investment, a bond trading platform in Egypt that has been 10 years in the planning could open for business in the second quarter of 2014, stock exchange chairman Mohamed Omran told Reuters on Tuesday.

The bond trading platform could make it easier for investors to buy and sell securities on the bourse.

Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
Latest

© 2010 Ahram Online.