EGX agrees to extend deadline for 10 firms to legalize conditions

The listing committee at the Egyptian Exchange (EGX) has agreed to give 10 companies extra time to legalize their conditions due to the unfavorable circumstances of the global financial markets.

Those circumstances have negatively affected the liquidity rates, said EGX chairman Mohamed Omran in statements to MENA Tuesday.

He made it clear that the listing committee is authorized by law to exempt some companies from the condition of legalizing their status quo, if provided with convincing reasons.

The listing committee can also very well give companies more than one deadline to legalize their conditions, Omran said.

The EGX stipulates that new companies trade no less than 10 percent of their shares in order to get listed. Shareholders should not be less than 300 and free trading should not be less than 5 percent.

Four companies were listed at the EGX in 2015, Omran said. Those companies are: Emaar Misr with EGP 4.6bn capital, Orascom Construction with EGP 118mn capital, Porto Group with EGP 455.7mn capital and Edita Food Industries with EGP 72.5mn capital.