Shawkat Elmaraghy, member of the board of the Egyptian Exchange (EGX) and managing director for the brokerage sector at HC Securities & Investment bank, asserted that the EGX plans to market Egyptian companies in Africa during the 21st ASEA Annual and Flagship Conference.
“To make it obvious, this can be achieved by encouraging the companies that have existing commercial or industrial projects in some African countries to have a dual-listing in both the Egyptian Exchange and the stock markets of the African countries where they have projects,” he added.
Elmaraghy asserted that the mandate of the Egyptian Exchange at some African investment funds is of a strong relative weight, stating that the EGX board will market the exchange as well as Egyptian companies operating in Africa.
Furthermore, Elmaraghy shed light on the necessary of supplying the EGX with innovative financial tools that have been recently applied in some African, Arab, or international stock markets, like derivative and commodity exchange.
“Applying various financial tools on the EGX, during the upcoming years, is a priority for the new EGX board,” he asserted, adding that the implementation of short selling mechanisms after the approval of the General Authority for Financial Supervision is the starting point.
It is worth mentioning that the conference is being held under the title of “Africa Mapping the Future”, from 19 to 21 November 2017, in Cairo, under the sponsorship of Egyptian Prime Minister Sherif Ismail.
In this respect, minister of investment and international cooperation, Sahar Nassr, a large number of African ministers, and delegations from regional and international financial institutions attended the conference.
The attendees will discuss a number of vital issues like using technology in stock markets, attracting capital funds on the EGX, financing small and medium projects, the stalled IPOs, liquidity, mapping the possible ways to achieve cooperation between the EGX and African stock markets, and the innovative financial tools applied in African stock markets.