In light of the exceptional measures taken by FRA to face the economic challenges and consequences of coronavirus , in addition to the circumstances and events that have occurred in the global financial markets, Dr. Mohammed Omran – FRA’s Chairman announced that FRA’s BOD extended the deadline granted to listed companies which do not complete offering’s implementation procedures in accordance with the third paragraph of Article No. (1 bis) of listing and delisting rules for another period of nine months ending on 31 December 2020. In this respect, the said companies shall submit to the Egyptian Exchange an action plan that shall be taken to implement the offering and the Stock Exchange shall approve that plan.
FRA’s Chairman stressed that the current period requires collaboration and cooperation to reduce these repercussions that we face in an unprecedented manner. He added that the deadline granted to listed companies which did not complete offering’s implementation procedures were previously issued by FRA’s BOD decision no. 129 of 2019 dated 9/9 / 2019 and is scheduled to end on 31 March 2020.
Listing and delisting rules are the legal framework that regulate listing and delisting procedures at the Egyptian Exchange pursuant to article no. (16) of capital market law. These rules regulate all issues related to companies and entities wishing to be listed at the Exchange whether the Egyptian or foreign exchanges. Listing requirements followed in this regard are clarified and also conditions for being listed at FRA’s registries. Also, the rules stipulate some obligations that companies are committed to during listing period, including disclosures that must be adhered to, governance requirements , protecting minority rights , dealing with treasury shares and capital adjustment regulations, ending with identifying delisting controls whether it is an optional or mandatory delisting.