CAIRO - 9 March 2023: The Egyptian Financial Regulatory Authority (FRA) announced the temporary listing of about 3 companies in the Egyptian stock exchange (EGX).
It elaborated during a press conference that the listing of those companies came as a result of the amendments issued by the General Authority, which allowed the temporary listing of shares of Egyptian and foreign companies in the stock exchange lists instead of prior registration at the authority.
The Egyptian Stock Exchange is studying files for the listing of 4 new companies, according to the announced data.
It added that the amendment included allowing the listing of securities to be a temporary entry without fulfilling the conditions of the minimum percentage of shares to be offered, the number of shareholders or holders of deposit certificates, and the percentage of free-floating shares, provided that the registration and implementation of the offering or commencement of trading takes place within six months from the date of registration instead of one month from the date of registration.
Moreover, the FRA Chairman, Mohamed Farid, announced that the authority intends to issue an insurance policy of the title deed against risks soon,unced.
Farid affirmed, during the press conference, that this document will help motivate non-Egyptians to buy Egyptian real estate, because it will be an insurance policy against the risks of not proving ownership.
He explained that the document will guarantee to the foreign investor compensation for the value of the property that he purchased when any disputes related to the lack of proof of ownership and others arise.
The Chairman added that the authority is conducting a community dialogue to discuss how to finance the revitalization of real estate financing and to provide mutual insurance protection, between real estate financing parties through the creation of a new insurance product, including the title deed insurance document, which enhances transactions in real estate financing activity.
Comments
Leave a Comment