Egyptian Exchange Posted
The Egyptian Exchange’s Board of Directors approved second review of Nominated Advisors of the Egyptian SMEs Market. The new list includes 11 companies. 5 companies were delisted and 8 were suspended.
EGX conducted its first assessment eliminating 10 of 30 Nominated advisors and adding 4 new ones to have the listed nominated advisors number at that time to 24 companies.
Series of meetings were conducted with related parties over the past weeks to assess their performance, manpower capabilities and technical performance allowing them to provide requested services to listed and potential companies to list.
EGX Chairman issued resolution 918 for the year 2020, governing nominated advisors performance. The resolution commits nominated advisors management to have investor relations arm for the companies they consult, as well as their commitment to provide research coverage.
Dr. Mohamed Farid, Executive Chairman of EGX, said that the development the Egyptian SME market aims to boost the growth of listed companies as well as attract more investments to the market to enhance liquidity and stimulate trading.
He added that the coming period will witness communication with the European Bank for Reconstruction and Development (EBRD) for more services to nominated advisors including registering nominated advisors on EBRD’s records, as well as the development of a program for the capacity building of nominated advisors in matters related to rules of registration and disclosure and investor relations, accounting and financial issues.