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EFSA issues New regulatory Measures for the IPO procedures

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In the framework of EFSA’s efforts to speed up the procedures and summarize the required steps to offer companies’ shares at the Egyptian Stock Exchange and pursuant to the international practices applied in different regulatory bodies all over the world,

Yesterday , EFSA’s BOD decided that companies wishing to offer its shares , whether existing shares or capital increase shall be registered at  EFSA’s registry first before being listed at the Egyptian Exchange. Also, EFSA’s BOD decision stated that companies shall meet the requirements set for calculating the fair value and approving prospectus or disclosure form for offering.

For its part, EFSA will comply with standards of transparency and quality systems and companies’ requests shall be decided upon within fifteen days from the date of submitting the needed documents.  In addition, Companies will be given a period of no more than one month to complete the offering and trading process in the Egyptian Stock Exchange. In this respect, investors will be aware of the timing of offering, listing and trading.

The decision is expected to encourage companies to offer their securities within a short period of time and be committed to financial valuation standards to determine the fair value of shares.

Regulatory oversights bodies shall monitor how far does the company’s future expectations which are stated in the fair value report are achieved. Also, it sets strict controls upon finding out unjustified deviations of the results of the company’s work compared to the figures mentioned in the expectations mentioned above. 

 Finally, this decision will be followed by changes in many rules and executive procedures of listing rules prepared by the Authority, that is after consultations with the Egyptian Stock Exchange in preparation for its publication in the Egyptian Gazette and applying it from the next day of publication.

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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