(DNE Photo)
By Lamia Nabil
Head of the Egyptian Exchange (EGX) Mohamed Omran has made a request to Prime Minister Hesham Qandil to step down from his current post.
Omran announced in April 2012 his intention to resign from his position as head of the EGX, but Qandil refused to accept his resignation.
“I have made a request to Hesham Qandil in my EGX performance report not to continue in my current position starting July 2013,” said Omran. He preferred not to reveal the reasons behind his decision.
Omran also expected that an integration project between the EGX and Borsa Istanbul (BIST) will be completed on 30 September. The project will involve the sharing of information between both exchanges regarding company profiles and reports, in order to promote mutual investment. Only companies listed on the EGX’s flagship index, the EGX 30, will be included in the integration project.
Omran said that the EGX had “invited all companies listed on the EGX 30 to hold meetings” to discuss “making them more accessible and attractive to the Turkish investors”.
The project will also allow Egyptian brokerages dealing in foreign shares to operate on the BIST.
On 4 April, Chairman of the Executive Board of the BIST Ibrahim Turhan announced nearing the completion of the project at the at the Eighth Turkish-Arab Economy Forum in Istanbul, adding that he hoped the project would eventually “cover the whole region”, according to Turkey-based news agency Anadol.
