EGX discusses listing 79 companies

BY

Sun, 26 May 2019 - 12:59 GMT

FILE – EGX

FILE – EGX

CAIRO – 26 May 2019: The Egyptian Exchange has held discussions with 79 companies in 10 economic sectors since October 2018 as part of its efforts to promote the registration of new companies in the stock exchange since the launch of the new system, CRM.

EGX clarified that these discussions came after eight months of the development and launch of the Client Relation Management (CRM) to follow the target companies to be listed on the stock exchange.

This is carried out through collecting data of companies that perform transfers on non-listed securities (orders market, over the counter), and companies registered at the central storage system of Misr for Central Clearing, Depository & Registry Company, in addition to companies registered at the General Authority for Investment.

According to a recent report issued by the Egyptian bourse on the performance of the new system, the target companies are registered and distributed in the sectors of real estate, pharmaceuticals, energy and gas, oil and food processing, technology and media, services and industrial products and cars.

The report divided the companies into three sections; companies showing a positive interest in listing on the stock exchange, companies showing hesitant interest and need more knowledge and understanding, and companies showing interest but believe that the current time is not appropriate for enrollment.

The number of companies that showed positive interest in the stock market reached about 17 companies, some of which began to take serious steps to study the process of registration and placement in coordination with investment banks.

While the number of companies showing hesitant interest and studying the feasibility and timing of entry at the stock exchange hit about 17 companies. Meanwhile, companies that believe the current time is not appropriate but still have a future desire to register, recorded 20 companies, according to the report.

During the discussions conducted by the stock exchange, about 25 companies indicated their unwillingness to register in the stock exchange.

The average capital of the target companies to be listed in the bourse is nearly LE 700 million.

Developed and launched by the stock exchange, the new system aims to select companies, offer advantages, facilitate procedures of listing on the stock exchange and provide technical consultations.

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