(AFP Photo)
The Egyptian Exchange (EGX) announced that it will review biannually rather than annually the stocks of listed specialised companies and assess whether or not they are eligible and meet the criteria set by the EGX.
“The amendments come in the framework of the keenness of the EGX management to increase the depth and efficiency of the market through the unification of the rules applicable to EGX, considering the effect of reducing the period of study when calculating these standards,” the EGX said in an official statement.
The reviews will be conducted on January and July of each year. The EGX’s announcement followed approval of the Financial Supervisory Authority (FSA).
Companies that will be included in the semi-annual review, which will be effective starting 15 January, include Atlas for land reclamation and agricultural industrialisation, Sewedy Electric, Egypt’s Union National Bank, North Africa real estate investment and ElWady Tourism Investment and Delta Insurance.
Other companies will be removed from the review list on 16 January, including Cairo Development and Investment, Orascom Construction Industries, Housing & Development Bank, Juhayna Food Industries, El Nasr for Manufacturing Agricultural Crops and Cairo Poultry.
The Egyptian capital market has been experiencing steady increases since the beginning of 2014, recording unprecedented gains in the benchmark EGX-30 index since 2011. Egyptian analysts have predicted that these gains are expected to continue once the political situation stabilises.
