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19 candidates compete for five seats in EGX board - Daily News Egypt

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19 candidates compete for five seats in EGX board

10 compete on three seats for securities, nine on registered companies

The stock exchange (EGX) closed the door for receiving papers of new board of director candidates on Thursday. 19 candidates are competing on five seats, including three for companies working in securities—with one of them representing brokerage companies—in addition to a seat for companies registered in the main market and another for small and medium enterprises (SMEs) registered in NILEX.

The EGX will officially announce the final names of candidates on 19 June after reviewing all objections and grievances, and elections will be held on 22 June.

Candidates, who are current members of the board of directors, applied to compete in the new session. They are Shawkat Al Maraghi, the managing director of HC Securities Trading, and Hashem El Sayed, the managing director of Egyptians for Housing and Development.

Ten candidates out of the 19 are competing for three seats of companies working in the field of securities. They are Ahmed Aboul Saad, chairperson of Rasmala Egypt Securities; Ehab Saeed, managing director of Osool for Securities Brokerage;  Nassif Nazmy, vice chairperson of Al Ahram Brokerage; Sameh Azab, managing director of Watheeqa Securities Brokerage; Ali El Tahri, chairperson of Catalyst Partners; Mohamed Lotfy, managing director of Ostool for Securities Trading; Yasser Omara, chairperson of Eagle Financial Advisors;  Khaled El Tayeb, chairperson of Pioneers for Investment Fund Management; Shawkat El Maraghi, managing director of HC Securities Trading; and Moustafa Wahdan, chairperson and managing director of Al Amaleka for Securities Trading.

There are also five candidates for companies registered in the main market, including Hashim El Sayed, vice chairperson of Egyptians for Housing and Development; Khalid Abu Heif, managing director of Arab Moltaqa Investmetns; Mohamed Walid Gamal El Din, chairperson of Modern Bitumode; Moustafa Moussa, chairperson of Assiut Islamic for Trade and Development; and Ahmed Al Alimi, chairperson of Al Ahram for Packaging and Printing.

Additionly, four candidates are competing for seats of SMEs registered in NILEX. They are Ahmed Shalaby, vice chairperson of MP Engineering; Hussein Abdul Mohsen Sadeq, managing director of Genial Tours; Mansour El Barbary, chairperson of BIG for Trade and Investment; and Yahia Ashour, chairperson of Port Said for Agricultural Development and Construction Company.

Nominations opened on Sunday, according to the Minister of Investment and International Cooperation’s decision No. 95 for year 2017, making the board of directors of the EGX include 11 members, including six who are hired. They are the EGX chairperson, vice chairperson, two members with expertise, a representative of the Central Bank of Egypt (CBE), and a representative of the Egyptian Banks Federation, in addition to five elected members, including three who represent companies working in securities, a seat for registered companies, and another for NILEX.

The current board of the EGX includes Mohsen Adek, Shawkat El Maraghi, and Soliman Nazmy as representatives of securities companies, as well as Hashim El Sayed as a representative of registered companies, Omarn as head of the board, and Wagih Moustafa as vice head, in addition to those with expertise who were hired, who are Ayman Sherif, Ayman Ragab, and Ramy Aboul Naga, representing the CBE.

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