Egypt's Bourse welcomes any company regardless of politics: Chairman

Bassem Abo Alabass, Tuesday 18 Oct 2011

Recently appointed chairman of Egypt stock exchange invites Muslim Brotherhood companies and others to list in a drive to boost the market

Mohamed Omran
Beard or clean-shaven both welcome. Mohamed Omran, appointed to head the Bourse earlier in October (Photo: Stock Exchange website)
The chairman of the Egyptian stock exchange Mohammed Omran has denied a report from Egypt's state news agency that he is in special talks with Muslim Brotherhood businessmen with an aim to listing their companies on the exchange.
A Tuesday report from Cairo-based MENA said negotiations were underway to allow such listings.
But speaking to Ahram Online, Omran said all Egypt-based companies could potentially be listed and the political or religious affiliation of their owners was immaterial.
"The Egyptian stock exchange will welcome any qualified company despite its political view," he explained.
"I am only concerned about pushing up the market's liquidity and activity, not whether the owner of the company has a beard or not."
Omran, who was appointed Bourse head in early October, said that 10 new companies would soon be listed on the Nile Stock Exchange. The exchange is currently home to 214 listed firms, with an average of 187 traded in each session.
Omran said the stock exchange authorities aims at inviting new companies to list in the Bourse.
Omran said he had asked for a list of 8,500 established companies registered at the General Authority For Investment (GAFI). Their capital ranges from LE1 million to LE100m, and "many could also be listed on the market if they meet registration rules" he explained.
The Bourse is even thinking of allowing the reactivation of previously suspended companies, Omran said.
In 2010, The Bourse suspended 29 listed companies, for violating transparency and disclosure regulations.
"The National Investment and Reconstruction Company (NIRCO), which was one of the companies suspended under the former Stock Exchange Chairman Maged Shawky, will be relisted as of Tuesday [today]," said Omran.
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