Egypt considers temporary listing of 4 companies on EGX

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Egypt is eyeing the temporary listing of four companies on the Egyptian Exchange (EGX), two of which work in the maritime transport and shipping sector, in addition to a company operating in the agricultural sector, and another in the oil sector, the Financial Regulatory Authority’s (FRA) Chairman Mohamed Farid told Asharq Business on March 9th.

This will bring the number of temporarily-listed companies on EGX to seven firms, Farid said.

The FRA allows the temporary listing of Egyptian and foreign companies’ shares on the stock exchange, instead of prior registration at the authority, without meeting the minimum conditions for the percentage of shares to be offered, the number of shareholders, or the percentage of free-floating shares.

Moreover, Farid revealed that the FRA is currently studying two proposals, of which one is for the issuance of sukuk and the other for the establishment of a sharia-compliant investment fund.

On 9th February, Egypt announced that it is looking forward to offering shares in up to 32 companies for sale on the EGX, to strategic investors, or a mix of both during the period from the current quarter of 2023 until the end of the first quarter (Q1) of 2024.