Egyptian Exchange Posted
The Egyptian Exchange’s (EGX) adopted amendments in the regulations of its SME platform to be presented to the Financial Regulatory Authority (FRA) for approval. These amendments are within the framework of EGX management’s policy for the development of the SMEs market in a way that contributes to companies’ growth and expansion and in accordance with the comprehensive development strategy formulated with the relevant market parties conducted in coordination with the European Bank for Reconstruction and Development (EBRD).
EGX’s Board decided to de-listed 10 non-compliant Nominated advisors and certify two new companies in a comprehensive review of the list of certified nominated advisors to ensure the quality of performance and service provided to SMEs companies.
The Board adopted amendment in listing rules of shares to be traded in specialized activities lists. Amendments allow SME companies to apply for exemption from Nomad’s services to be listed in list “A” or “B” once they meet the criteria, including fulfillment of Nomad obligations.
EGX’s Board adopted new standards governing certified sponsors activities to ensure the quality of service provided, including ensuring that the Nomad’s team has on board a qualified investor relations officer with previous experience in the relevant fields or having passed the training program approved by EGX. Also insuring investor relations officer’s communication with the market parties and holding regular meetings to raise awareness of the development of activities and business of the company.
EGX held a series of meetings with related companies and nomads to discuss the final strategy of market reform, during which they welcomed the process of market reform and development.
Dr. Mohamed Farid, Executive Chairman of EGX, stressed the importance of developing of the SMEs market from the value chain perspective, to create success stories for companies financially and operationally. This will contributes to enhancing liquidity and trading in the market, helping companies upgrade to the main market, and contributing to building the capacity of sponsors.