FRA allows resumption of CIB shares trading on EGX
The FRA had requested suspension of CIB shares trading before the start of the Thursday session.
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Private insurance fund investments increase 2% to EGP 1.03bn in August: FRA
Total of EGP 6.9bn in investments made to insurance funds in first 8 months of 2020
FRA approves HeidelbergCement’s MTO for acquisition of Suez Cement
The FRA also approved a MTO submitted by Suez Cement, which is 55.08% owned by HeidelbergCement, to acquire 100% of its subsidiary Tourah Portland Cement at EGP 7.18/share.
FRA amends Microfinance Law to include SME financing
Omran said that through the Law No. 201 of 2020, the authority developed an integrated regulation that allows non-traditional financing for SMEs.
FRA directs insurers to set up reserve against EAS 47 application risks
The reserve shall be 1% of a company’s total assets and allocated from the net profit after withholding tax for the previous fiscal year ending 30 June 2020.
FRA amends financial solvency standards to mortgage finance companies
The amendment covers the issuance of a regulatory procedure to adjust mortgage finance activity.
FRA reduces fees for SME examination, study services by 50%
The discount will be applied in a range of circumstances when SMEs apply to obtain the FRA’s approval for public offering prospectuses. It is to be applied during incorporation or capital increase, and when shares are issued for a merger, split, or in case of issuing shares in excess of profits or reserves.
FRA increases maximum allowed residential real estate financing
FRA approves proposal for real estate finance companies to establish guarantee registry
FRA approves draft law regulating fintech in non-banking financial activities
FRA Chairperson Mohamed Omran said that the approval will support the Egyptian state’s adoption of a policy providing a remote work environment based primarily on the safe exchange of information and supervision.
FRA studies IMEX International acquisition offer of Nile Cotton Ginning
In late August, IMEX International submitted a compulsory purchase offer on up to 52.99 million NCGC shares, at a cash price of EGP 50/share. The purchase offer stipulates that the acquisition percentage should not be less than 51% of the company’s shares.
FRA approves Wafa Life Insurance Egypt’s licence for life, health insurance
Egyptian market operations boasts EGP 150m in shareholder equity
Egypt stock issuances decline 48% during 5M of 2020: FRA
Insurance premiums fall by 11.4% to EGP 2.67bn in May
FRA receives proposals for controls on electronic crowdfunding platforms
New draft law to regulate, develop fintech in non-banking financial activities
FRA adds funding insurance premiums to consumer finance activities
Decision also includes membership fees for sports clubs
Egypt’s FRA sets controls on board formation at depository, central registry companies
Community dialogue to discuss ownership structure of futures exchanges, companies of central registry and depositary operating in futures contracts
Egypt’s FRA licenses 8 money market companies in 7M 2020
Omran added that of the eight companies: four focus on issuing securities to raise capital; one is in the fund management sector; one is in venture capital; one is in brokerage; and another has been set up as a holding company in securities portfolio establishment and management.
Egypt mortgage finance drops 84.2% in April
Mortgage Finance Fund did not provide any funds during April, says FRA
FRA to launch Egypt’s first actuarial table for life insurance industry
Egyptian insurance companies reported EGP 35.2bn in total premiums in June 2019
FRA to approve securitisation bonds worth EGP 500m
Securitisation bond issuances expected to reach EGP 20bn before year-end, says Abdel Fadil
FRA launches guide for “Empowering Women” application
The video guide presents both an overview of the application and the steps women should take to register. It also explains the privileges that female applicants obtain by using the application.
FRA adds new commodities, services under consumer finance umbrella
The move aims to facilitate the financing of their purchase, and to facilitate the meeting of consumer needs.
FRA ex-employees cannot work in authority-supervised bodies for 1 year
FRA Chairperson Mohammed Omran said the ban extends to former employees whose service ended with a clear or implied resignation who may look for employment at any of the entities subject to its supervision and control.
FRA issues financial solvency standards for consumer financiers
Solvency standards set minimum capital adequacy to meet credit. operating risks at consumer finance companies
Egypt’s microfinance portfolio stands at EGP 17.8bn end-March: FRA
2,700 citizens use nano-finance products with loans amounting to EGP 650,000 end-May, says Omran
FRA introduces new type of investment funds specialised in transferred financial values
Transferred financial value funds provide financing for all financing companies, says Omran
FRA regulates private equity funds’ practicing of specialised activities
These sectors cover the industrial and agricultural development and related marketing activities, as well as complementary products and services.
EGX-listed companies contribute EGP 80m to FRA income
Contribution from insurance companies amounts to EGP 255m, or 41.2%, of total FRA income
FRA launches database mobile app of qualified female professionals for leadership roles
Senior business executives at major institutions to decide registration requests for database without FRA interference, says Omran
FRA suspends insurance brokerage licensing for 12 months
Study finds oversupply of companies licensed in insurance brokerage activity relative to the market’s needs
FRA amends corporate governance rules for non-banking financial activities, listed companies
Amendments to registration rules to allow non-company members to be included on audit committees, says Omran