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Financial Supervisory Authority

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Joint Press Statement

On the Nile stock exchange, the Mediterranean Company and Pioneers Holding ranked joint highest in total amounts of stock traded. (AFP Photo)

Bourse officials meet to discuss security procedures to be taken by the bourse to protect its employees and facilities in cooperation with state security agencies
(AFP Photo)

Following recent events to do with the Egyptian stock market, and in light of the country’s current security situation, in addition to adhering to the need for the Financial Supervisory (FSA) – which is tasked with taking precautionary measures for all trading on the  stock market – to maintain consultation with the Egyptian stock market itself and its Board of Directors, and after conducting a survey of a number of parties operating within the market, a meeting was held Saturday attended by Sharif Sami, Chairman of the FSA, and Muhammad Omran, Chairman of the bourse to discuss recent events, during which the following points was agreed upon:

 

- New precautionary measures will not be taken unless absolutely necessary, in the most urgent of circumstances and for the shortest amount of time possible.

 

- One of the Bourse’s primary goals is to achieve liquidity for investors, who are

leaving and entering the market.

 

-  Dealings on the Bourse are to be linked with the country’s banking sector as was stipulated by the Central Bank of Egypt, when it took to linking banks with settlement and clearing deals.

 

- Continuing to follow up on and publicise all new developments for companies listed on the exchange, and any effects that might occur on such companies as a result of the country’s current state of affairs. All such developments must be quickly pursued and publicised

 

Those in attendance discussed security procedures to be taken by the bourse to protect its employees and facilities in cooperation with state security agencies.

 

The above stated efforts will help make all parties operating on the bourse and within the finance market aware of any new developments with total transparency.

 

Mohamed Omran, Chairman of the Bourse in addition to a number of companies listed on the stock exchange, has achieved positive results in the midst of current price levels, which have led to decreases in profitability compared to other stock markets, both advanced and developing. Increases in return rate on distributions have also been seen compared to current price of shares.

 

Sami stated that the FSA has received many demands to increase rates of capital for companies working in various sectors, for the purpose of expanding their activities, a policy he will begin reviewing within the coming days.


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