Cairo – The Egyptian Financial Regulatory Authority (FRA) approved granting Pharos Securities Brokerage the licence to conduct short selling transactions.

“Obtaining the licence from the FRA is in line with the company’s strategy to engage in new activities and diversify [its] portfolio of services in Egypt and abroad,” chairman and CEO of Pharos Holding for Financial Investments, Elwy Taymour, said in a statement.

Short-selling is a mechanism that allows investors to borrow securities and sell them on the open market, to be bought back at an agreed time and price in order to make a profit from the difference between the sale price and the purchase price.

Such service is expected to expand the company’s customer base, managing director of Pharos Securities Brokerage, Essam Abdel Hafiez, noted.

Source: Mubasher

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