Egyptian Exchange Posted
The Egyptian Exchange (EGX) celebrated the 215th listing in its main market today, The Egyptian Modern Education Systems Company, bringing the total number of listed companies to 241 companies. The Egyptian Modern Education Systems Company moved its shares from the SMEs market to the main market with paid in capital of EGP 100.5 million representing one billion shares with a par value of EGP 0.1 per share. The opening price in the main market will be the last closing price for the company’s shares in the SME market.
The ringing of bell ceremony for this occasion was attended by the management of the listed company, officials from Ostool Securities Trading Company along with the President of the Egyptian Stock Exchange Dr. Mohammed Farid and the leaders of the stock exchange.
The Egyptian Modern Education Systems company is the 3rd company to move its shares from the SME market to the main market, a step that reflects the growth rate of companies through the financial markets. Listing through the capital market also helped them implement their business development plans and achieve their targets. During its listing period in the SME market, the company achieved growth rates exceeding normal, where its capital, number of shareholders and free trading ratio as well as activity revenues increased remarkably.
Dr. Mohammed Farid, Executive Chairman of EGX, said that start of trading today in the main market coincided with the comprehensive structuring plan adopted and implemented by EGX with all related parties to the development of this market. This opened the way and motivated companies to take advantage of listing, offering and trading, pointing out that the management of the stock exchange continues to follow up on the implementation of the structuring plan to achieve the previously announced targets of qualifying and developing restricted companies as well as work to enhance market liquidity to attract foreign and domestic investments.
Dr. Walid Yousef, Chairman of the Egyptian Modern Education Systems Company, said, “Moving the company’s shares to the main market is a step that enhances our competitive position and supports our business development plans.”