New vice chairman appointed for EGX

CAIRO – 19 July 2017: The Prime Minister approved the appointment of Mohsen Adel as vice chairman of the Egyptian Exchange (EGX) for four years, governmental sources told Reuters Wednesday.

Mohsen has 19 years of experience in stock markets and securities in addition to his post in the EGX as a board member until June 30, 2017.

The chairing period of the current EGX Chairman, Mohmed Omran, will end on August 6, “the names of the Egyptian Financial Supervisory Authority (EFSA) and EGX Chairmen have not yet been settled till now,” sources added to the agency.

Prime Minister Sherif Ismail is responsible for hiring the EGX chairman and vice chairman.

Omran started chairing the EGX for his first session from September 2011 to June 30, 2013, then for his second session from August 2013 until now, Reuters reported.

The amendments of the EGX regulating law state that the stock market’s chairman shall not hold his post for more than two sessions, each for four years.