Aggregated News From Investment Management Regulators

FRA issues new amendments to Listing and Delisting Rules

Report/Flag

Please complete the required fields.



• Dr. Omran: Another six-month deadline for companies that have been listed on the Egyptian Stock Exchange and do not offer its shares

Within the framework of FRA’s efforts to achieve the third objective of its comprehensive strategy for developing  non-banking financial sector (2018-2022), namely  “Enhancing national competitiveness and attractiveness for  Foreign Investments”,  Dr. Mohammed Omran – FRA’s Chairman revealed that FRA’s Board approved several  procedures included amendments to listing and delisting  on the Stock Exchange. The said amendments will stimulate Egyptian and foreign companies to move towards listing on the Egyptian Stock Exchange.

FRA’s Chairman said that the Board has taken a regulatory action to face the economic effects arising from financial markets’ decline during the second half of 2018 and the consequent reluctance of many investors from emerging markets. He added that FRA extended the deadline granted to companies that were listed on the Egyptian Stock Exchange but did not offer its shares for another six months. The deadline ends on 30 September 2019 instead of 31 March this year. The company will be granted this period on condition that it obtains the Egyptian Stock Exchange’s approval in the light of a time plan submitted by the company to the Stock Exchange no later than 30 April 2019.

Dr. Omran stated that FRA’s Board decision no. 32 of 2019 regarding amending listing and delisting rules was issued to maintain the attractiveness of the Egyptian market for domestic and foreign investments and to confirm the depth of the Egyptian economy in order to absorb negative aspects that occurred in emerging markets.

FRA’s Chairman emphasized that these amendments allow listing of holding companies – Egyptian – newly established “for the purpose of owning existing companies if they meet the listing conditions and financial standards.

In addition to facilitating and encouraging the companies resulted from restructuring, whether by merger or division to be listed on the Stock Exchange, provided that listing conditions and financial standards shall be met by merged companies.

FRA’s Chairman also pointed out that the amendments allowed the foreign companies which rights of ownership, assets and revenues are 50% or more to be listed on the Egyptian Stock Exchange without being listed at a foreign exchange.
 

Source link

Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

Recent Articles

The AMF presents an initial overview of SFTR reporting data

Based on the recommendations of the Financial Stability Board, the European Securities Financing Transactions Regulation (SFTR), enacted in November 2015, has made it possible to establish greater tr

SEC Issues Whistleblower Awards Totaling Nearly $5.3 Million

The Securities and Exchange Commission today announced awards of nearly $5.3 million to whistleblowers who provided information and assistance in separate enforcement proceedings.

HQ Trade

We believe this firm may be providing financial services or products in the UK without our authorisation. Find out why you should be wary...

searchinvestments-uk.com

We believe this firm may be providing financial services or products in the UK without our authorisation. Find out why you should be wary...

highestfixedrates.com

We believe this firm may be providing financial services or products in the UK without our authorisation. Find out why you should be wary...

Get the latest from Regulatory.News in your inbox!

×