Egyptian Exchange Posted
Dr. Mohamed Farid, Executive Chairman of The Egyptian Exchange (EGX), participated in the Arab Federation of Exchanges (AFCM) Annual Conference held virtually during the period 29-30 March 2022. The virtual conference comprised 20 panels discussing various topics of importance to the industry, such as sustainability, Fintech as a mean of strengthening the infrastructure of Arab capital markets.
The conference this year seeks to discuss a better ecosystem for Arab capital markets to consult and exchange ideas and experiences with international experts and practitioners to develop and raise the competitiveness of Arab markets and push them to play a greater role in supporting the economic and social development plans by providing platforms that help companies access the financing needed for their expansions and increase the volume Their work and activities.
Dr. Mohamed Farid participated in a session discussing special-purpose acquisition companies (SPACS) getting listed in Stock Markets. Participating in the panel was Mr. Mustafa Kandil, founder and CEO of SWVL Company (Transportation service provider using information technology).
Dr. Farid, said that AFCM’s Board is working to put the Federation on a stable path, which contributes to providing all aspects of support and enable them to face challenges and benefit from new opportunities, stressing the importance of the role of financial markets and accelerating the use of technological applications to enhance the liquidity and trading and attracting more investors in Arab capital markets.
He added that EGX submitted a proposal to amend current listing rules, allowing SPACS listed companies to be listed with special rules and regulations as a step to acquire start-up companies with promising success stories. This would allow companies finding growth opportunities.
He concluded, that the current legislative environment in Egypt allows the establishment of companies for the purpose of acquisition, as an important step to keep up with the rapid changes in the business models of emerging companies. This is a step that would open new horizons for emerging companies having strong growth opportunities to expand through the capital market.