Daily News Egypt (DNE) learned that the Ministry of Transportation sent the files of 35 companies affiliated with the ministry to consider offering them on the Egyptian Exchange (EGX).
Sources said that the Egyptian financial market will witness the disclosure of many listing operations over the next few days.
The sources indicated that six companies from the files sent to the exchange are ready to obtain its approval for temporary listing. They added that the amendments recently approved by the Financial Regulatory Authority (FRA) will allow moving the stagnant water in the IPO file, as companies will be able to enter into the offering and listing procedures in stages, and we may witness many government proposals depending on this mechanism with the improvement of liquidity levels in the market.
Head of the FRA Mohamed Farid had revealed during a recent press conference at the authority’s headquarters in the Smart Village that the FRA’s Board of Directors approved an amendment to the listing rules that allows companies to be listed on the EGX temporarily before registering with the authority to expedite and facilitate companies wishing to offer their shares.
The sources pointed out that a very long list of companies is waiting for the amendment to apply to the EGX.
The FRA’s Board of Directors approved the amendments at its board meeting on 13 September, and they were sent for publication in the Official Gazette, meaning they will kick into effect as soon as they are published.
Farid said on the side-lines of the conference that the authority is working on a comprehensive development of the rules for listing and delisting securities on the EGX to facilitate companies wishing to be listed and put up in the stock market, stressing that the stock market is a platform that helps economic entities operating in various activities to access the financing needed for expansion to support the growth of the national economy.