Integrated Diagnostics obtains EGX approval for dual listing

Alyaa Stohy
2 Min Read
Traders work near the exchange bell at Egypt's Stock Exchange (EGX) in Cairo July 3, 2013. Cairo's benchmark dipped 0.3 percent, slipping off a three-week high and extending 2013 losses to 9 percent. Bourse data showed that foreign investors were sellers but Egyptians remained net buyers on hopes a military intervention would put an end to the Islamist president's rule. REUTERS/Mohamed Abd El Ghany (EGYPT - Tags: BUSINESS)

The Integrated Diagnostics Holdings has obtained the approval of the Egyptian Exchange (EGX) Registration Committee for the dual listing of the company’s shares on the main EGX market.

The approval represents a complementary step for the company to fulfil all legal and regulatory requirements necessary to implement the double-entry process on the EGX.

The company is looking forward to obtaining the approval of the Financial Regulatory Authority (FRA), in order to proceed with the publication of the disclosure report form for the local market. 

This relates to the process of listing and trading on the EGX, and comes in accordance with the procedures and requirements before the start of the company’s trading its shares.

According to a press release, the Integrated Diagnostics Holding Company has decided to initiate double-entry procedures without issuing any new shares at present.

This process is the first technical entry of its kind on the EGX which meets all its regulatory requirements related to the rules for listing and delisting securities. This includes offering 5% of its shares for free circulation, equivalent to 30 million shares. 

Trading of the company’s shares on the EGX will take place in Egyptian pounds, provided that this entry complements the current trading of the company’s shares on the London Stock Exchange (LSE) in US dollars.

EFG Hermes and Renaissance Capital are acting as advisors to the company in the double entry process.

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