FRA extends grace period for EGX-listed IPOs

The standard grace period for listed companies to complete their IPO steps ends on March 31st.

  
Traders work at the Egyptian stock exchange in Cairo, March 12, 2015.

Traders work at the Egyptian stock exchange in Cairo, March 12, 2015.

REUTERS/Mohamed Abd El Ghany
 
ArabFinance: Chairman of the Financial Regulatory Authority (FRA) Mohamed Omran approved the extension of the grace period for initial public offering (IPO) procedures on the Egyptian Exchange (EGX), according to a statement.
 
All listed companies that have not yet completed the procedures required for their IPOs will be granted an additional nine-month grace period, Omran said.
He added that listed companies have until December 31st to complete the needed steps. However, they must notify the EGX maximum by May 30th, in order to obtain the EGX’s approval.
 
The standard grace period for listed companies to complete their IPO steps ends on March 31st.
 
This move comes in line with the government’s efforts to face the economic challenges resulting from the outbreak of the coronavirus (COVID-19) pandemic in Egypt.
The FRA has offered a six-month grace period for Micro, Small and Medium Enterprises (MSMEs) in the local market.

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