The FRA chairman reviewed the implemented steps of far in preparation for the market’s launch. The meeting also delved into the recent developments related to the Egyptian Stock Exchange and the Tawsiyat Clearing Services Company
Within the authority’s framework and efforts to enhance regulatory capabilities, and safeguard customer rights, FRA Chairman Mohamed Farid issued Circular No. 4 of 2023
These approvals were divided into 190 approvals for share issuances (both for new and existing companies), with a total value of LE 27.5 billion during July 2023.
The newly established tables will be mandatory for all life and capital formation insurance companies in Egypt.
IOPS, founded in 2004, serves as an international forum for policy dialogue, information exchange, and the harmonization of international standards related to the regulation of private pension funds.
The cash price is set at LE 0.65 per share in accordance with the provisions of the twelfth chapter of the Executive Regulations of Capital Market Law No. 95 of 1992.
The financial market came at the top of the list, as the value of stock issuances during the second quarter amounted to about LE 97 billion.
During last year’s COP27 conference, Egypt revealed that it would launch Africa’s first voluntary carbon market, allowing companies in Egypt and Africa to trade certified carbon credits
The approval was granted in accordance with the decision of the FRA's Board of Directors No. 53 of 2018 and its amendments, as well as the decision of the specialized committee of the FRA dated August 6 of this year.
The Financial Regulatory Authority (FRA) increased the maximum financing limit for micro-enterprises by 10 percent to LE 220,000 up from LE 200,000.
It also decided to extend the validity period of the purchase offer to April 4 instead of April 3.
This came after reviewing the law of joint stock companies, partnerships limited by shares, limited liability companies, and one-person companies promulgated by Law No. 159 of 1981 and its executive regulations, according to the FRA.
This is done under the auspices of the EGX and in partnership with the Financial Regulatory Authority, with the aim of incubating and sponsoring new projects and ideas in all areas of financial technology.
Mohamed Farid added, during a conference, Thursday, that the authority is also studying increasing the minimum limits for insurance companies’ capital.
The Egyptian Stock Exchange is studying files for the listing of 4 new companies, according to the announced data.
Farid affirmed, during a press conference held, Thursday, 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.
The meetings were held to cast a spotlight on the latest developments in the Egyptian economy.
The rules provide for organizing and shortening the time periods for a number of procedures necessary to complete the capital increases of companies whose securities are listed, while providing flexibility for companies to increase their capital in stages.
Issued by the Financial Group for Securitization, the program's first issue stood at LE 800 million, according to a bourse statement on Sunday.
It is an open investment fund, the documents of which are offered through public subscription, according to the announced data.