The Egyptian Exchange (EGX) has extended the deadline for companies whose securities are listed on the small and medium-sized enterprises (SME) stock market to contract with an approved and registered sponsor, from 24 to 31 August 2021.
The registered sponsor would assist SME market listed companies to develop and build the capabilities of their investor relations. This aims to create professional communication with shareholders and investment institutions through conferences to announce and analyse the financial statements on a quarterly basis.
The sponsor would also provide regular market research through specialized companies, which contributes to attracting more institutional investment and enhancing liquidity and trading.
Listed SMEs must contract sponsors for no less than 8 months. A copy of the sponsor contract shall be submitted to the EGX within a period not exceeding two months from the enforcement of this decision.