• Dr. Omran: We seek to reduce transactions’ cost and financial burdens on listed companies
In an initiative by the Financial Regulatory Authority (FRA) to reduce financial burdens on listed companies and encourage new companies to be listed on the Stock Exchange tables in order to activate securities market, Dr. Mohammed Omran – FRA’s Chairman (after the approval of FRA’s Board) has issued decision no. (150) of 2018 to reduce service charges paid by companies listed on the Egyptian Exchange and Nile Exchange.
Dr. Omran emphasized that FRA’s Board of Directors has decided to amend decision no. (51) of 2005 on setting service charges paid by listed companies. According to the new amendment, the annual service charges will be reduced 50% to be half in a thousands of the issued capital instead of one in a thousand with a minimum amount of 5,000 pounds (five thousand pounds) instead of 10,000 pounds (ten thousand pounds). In addition, the maximum limit of annual service charges shall not exceed 25,000 pounds (twenty-five thousand pounds). It is worth mentioning that 174 companies out of a total of 215 listed companies will benefit from this amendment.
FRA’s Chairman stated that the Authority’s Board agreed to grant an additional reduction to companies listed on the Nile Stock Exchange by 50% from services charges set for companies listed on the main market, so that the companies listed on Nile Stock Exchange will benefit from 75% of the current cost, adding that all the 36 companies listed on Nile Stock Exchange will benefit from the said amendment.