3 companies to be floated on EGX during 2019: Farid

CAIRO – 24 July 2019: Egypt is expected to float two private companies and one state-owned company during 2019, Chairman of the Egyptian Exchange (EGX) Mohamed Farid told the local newspaper.

Farid also anticipated listed companies to raise their number of free trading shares which will result in more liquidity in the market.

EGX is working to activate the capital market and attract investors and new funds by simplifying the trading environment and increasing technological investments, he stated.

He explained that a key part of activating the market and attracting investors is mainly linked to the offering of companies and pumping new securities to the market.

“Thus, the role of the Egyptian stock exchange is more related to simplifying the trading environment and increasing technological investments to facilitate the process of meeting the wishes of investors wishing to invest their money with the owners of companies looking for financing or a mechanism to price their securities.”

According to Farid, the last two years' net foreign purchases in listed securities amounts to about LE 19 billion, adding that the net foreign investment in treasury bonds rose to LE 12 billion.

Foreign and Arab investors were net sellers since the beginning of the year at LE 1.37 billion, and LE 685 million, respectively.

Earlier in July, Farid said that the board of directors completed all the requirements for activating the short selling mechanism.

Farid added that all the stock exchange regulations in respect to that mechanism are ready to be implemented, especially following the completion of the security standards that can be dealt with through this mechanism.

EGX completes all requirements of short selling mechanism

CAIRO - 4 July 2019: Chairman of the Board of Directors of the Egyptian Stock Exchange (EGX) Mohamed Farid, said that the board of directors completed all the requirements for activating the short selling mechanism.