CEO of the General Authority for Investment and Free Zones (GAFI), Hossam Heiba, and Chairperson of the Egyptian Exchange (EGX), Ahmed El Sheikh, discussed areas of mutual cooperation and ways to improve the business climate.
The two parties focused on the importance of promptly addressing obstacles faced by listed companies, especially those with securities listed on the Egyptian Exchange, to positively impact the investment climate in Egypt.
Heiba emphasized that the meeting covered the study of recommendations and measures to facilitate business operations within specific timeframes. They also discussed overcoming practical and procedural difficulties faced by companies listed on the EGX.
El Sheikh stated that both parties agreed to streamline procedures and expedite processes such as capital increases and amendments to the basic regulations of listed companies on the stock exchange. They also agreed to expedite ownership transfer requests for companies in the healthcare and pharmaceutical sectors.
GAFI will continue to receive acquisition and ownership transfer requests for companies in the healthcare and pharmaceutical sectors, following specific document lists. They will also address relevant authorities and inform applicants immediately upon receiving approval, allowing applicants to proceed with necessary implementation steps.
The agreement also includes providing EGX with required document lists from GAFI in cases of capital increase and other amendments to the articles of association. EGX will promptly send these lists to companies when decisions related to these cases are issued. The coordination between GAFI and EGX will continue in correspondence with these companies until procedures are completed.
Both parties agreed to expand the services provided by EGX through investor service centres at GAFI branches. This aims to promote investment opportunities and encourage listed companies to register on the stock exchange, given the financing and expansion opportunities it provides.
The meeting also resulted in plans to reactivate the reception and handling of complaints, suggestions, and requests related to listed companies through a joint email between GAFI and EGX. These will be promptly presented to the joint committee between the two parties.