Egyptian Exchange
Under the current regulations, these major shareholders are required to freeze 51 percent of their shares for a minimum of two years from the first trading day, during which they cannot sell any of their holdings
The changes, effective from February 1, 2025, aim to reflect the evolving dynamics of Egypt’s economy and stock market, providing investors with updated benchmarks for trading.
Additionally, the exchange will debut another index combining sustainability and Sharia compliance in the first half of the year.
In an EGX disclosure, Nouh explained that while the FRA has no objections to the delisting, it has outlined a series of conditions that Ezz Steel must adhere to.
United Bank, with a paid-up capital of EGP 5.5 billion, is divided into 1.1 billion shares, each with a nominal value of EGP 5
The United Bank IPO consists of two parts: a private offering of 313.5 million shares and a public offering of 16.5 million shares
The bank expects to issue the shares on the EGX by Q4 2024, contingent on prevailing market conditions and the finalization of approval procedures.
Mohamed Farid, Chairman of the FRA, emphasized that the new regulated market represents a milestone in Egypt’s environmental and financial sectors
The transaction value is estimated at around $449.1 million, with Electra paying $1.05 per share.
Consisting of 33 companies from various sectors, the newly-launched EGX33 index adheres to a methodology approved by the shariah supervisory committee
The amendments aim to diversify investment tools, enhance competitiveness, and make the Egyptian market more attractive to investors, according to Farid
These investments will aim to optimize operations in logistics, communications, microfinance, and consumer finance
The top gains of the session were by Mena Touristic & Real Estate Investment which climbed by 19.93 percent, Raya Holding for Financial Investments by 19.8 percent, and Egyptian Gulf Marseilia for Real Estate Investment by 19.19 percent
Closing the first week of stock market trading with a mixed performance and a market cap. loss of LE 6.1 billion, the Egyptian Exchange (EGX) saw its benchmark index inch into the red by 0.23 percent
Stock market traders rang in the first session of the new year with a strong performance, closing on a significant high and adding LE 33.4 billion to the market cap
Additionally, the EGX is studying a potential T+0 system that would enable settling trades on the very day they are executed, meaning that traders will be able to buy and sell stocks within the same session
The newly launched Resolution No. (223) of 2023 modifies Resolution No. (58) of 2018, which pertains to the regulations for licensing banks and specific non-banking financial companies to engage in investment fund activities
Upon the successful closure of this acquisition, Raya Holding's ownership in Ostool will increase to 90 percent, as disclosed by the company on the Egyptian Exchange (EGX)
The acquisition, which will see B Investments purchase up to 90% of OFH, was announced back in June
ACUD will announce partnership opportunities soon with the private sector to implement projects together in the Administrative Capital
