(Photo by Mohamed Omar)
To encourage more listings on the Egyptian Stock Exchange (EGX), EGX Chairman Mohamed Omran announced Wednesday that documents needed for companies to list will be cut in half.
The total number of documents now demanded for listing is 12, having previously been 24, the EGX said in its official statement.
Omran’s decision eliminated the need for copies of banking deposits showing the evolution of capital, copies of general assembly meeting minutes and the list of the board of director who participated in the capital increase.
EGX urged companies not to hide any information that might affect the validity of the listing process. They added that it “reserves the right to claim any additional documents may be required by the screening process”.
On Tuesday, Omran said that up to six companies are expected to be listed on the stock market before year’s end, with four companies already listed during 2014.
A series of losses last week led EGX to request financial and operation information for listed companies. EGX said that companies need to disclose any activity that led to recent movements in the price of stocks.
