Daily News Egypt

EGX urges GAFI, Commercial Registry office to approve companies' decisions promptly - Daily News Egypt

Advertising Area

Advertising Area

EGX urges GAFI, Commercial Registry office to approve companies’ decisions promptly

Chairman of Egyptian Exchange expects Domty to be the first company to sell its shares during 2016

The Egyptian Exchange (EGX) urges government entities, such as the General Authority for Investment and Free Zones (GAFI) and the Commercial Registry Office, to speed up the approval process of reports and decisions made by companies listed at EGX.

EGX Chairman Mohamed Omran affirmed the importance of this step to allow companies to promptly reveal their financial status. This will help investors make the right decision amid the turmoil that prevailed in the region’s stock exchange since 2016.

Omran said EGX is trying to keep pace with the market developments and make correct decisions based on the market trends during each period, such as reducing fees paid by brokerage firms to the EGX by 15% during 2016. This decision came based upon the low revenues collected by companies following the drop in trading volume recording to less than EGP 500m.

The Arabian Food Industries Co. (Domty) is the first expected company to sell its shares in EGX. According to information available to the EGX, Domty is on its way to launching an initial public offering (IPO).

Chairman and Managing Director of Domty Omar El-Damaty recently announced that company is planning for the IPO in EGX in March.

Omran added the EGX Museum is set to open in February at its headquarters in downtown Cairo. The museum will display the history of the EGX, which is considered as the third oldest exchange in the world, dating back to the final quarter of the nineteenth century.

Advertising Area

Breaking News

No current breaking news

Receive our daily newsletter