Monday February 2 2015

News Source: Global Exchanges

Focus: Listing Rules

Type: General




The Egyptian Exchange board has approved the amendments of the listing and disclosure rules’ executive procedures. 36 articles of the executive rules has been approved. Those amendments were approved by the Egyptian Financial Supervisory Authority (EFSA) chairman.

The amendments aim at improving the levels of shareholders’ rights protection, were a requirement was set that there shouldn’t be any Judicial rulings issued against any of the major shareholders and board members of the companies wishing to list, or requests to move criminal proceedings by EFSA resulting of violating the capital market law and its executive regulations, or the case that one of them is in investigation.

Moreover, the new amendments organized the Initial Public Offering (IPO) procedures which are performed to fulfill the listing requirements. Their procedures were facilitated along with preserving the shareholders’ rights, particularly with regard to the adoption of the independent financial advisor’ study of the shares’ fair value.

Click link above for further details.