EGX's chairman calls for more retail trade companies to be listed in stock market

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Tue, 23 Mar 2021 - 01:38 GMT

BY

Tue, 23 Mar 2021 - 01:38 GMT

Chairman of the Egyptian Exchange Mohamed Farid

Chairman of the Egyptian Exchange Mohamed Farid

CAIRO – 23 March 2021: Chairman of the Egyptian Exchange (EGX) Mohamed Farid, called for offering more retail companies on the stock market to benefit from its advantages.

 

This came during Farid’s speech at Egypt Trade and Investment Summit, where he explained that the total number of companies operating in the field of retail trade listed on the stock exchange ranges from 7 to 8 companies only, which is a little number compared to the benefits that will accrue to companies from being registered in the bourse.

 

He added that the eight listed companies since entering the stock exchange, were able to increase their capital 23 times, to finance their projects at the level of trade and distribution, as they rose from LE 100 million to LE 905 million, pointing out that the market value of these companies increased to reach LE 8.8 billion.

 

“The listed companies on the stock exchange take many advantages that help them continue to operate from the perspective of governance. Likewise, the tax rate for distributing cash profits to listed companies is 5 percent, while the unlisted ones reach 10 percent,” he noted.

 

Farid stressed that the domestic trade sector is one of the promising sectors. The growth rates in the wholesale and retail trade sector grew by 4.6 percent during the first quarter of the fiscal year 2021/2021, while employment rates reached 13.4 percent of the total workforce, and the percentage of women’s work reached 10 percent.

 

 

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