EGX, GAFI Sign Protocol to Facilitate Procedures for Listed Companies

The Egyptian Stock Exchange (EGX) and the General Authority for Investment and Free Zones (GAFI) inked a cooperation protocol to facilitate procedures for registering new securities and increasing the capital of listed companies.

Chairman of the Stock Exchange Mohamed Farid said on Wednesday that cooperation protocol with GAFI aims at facilitating procedures for listed companies as well as increasing their capital.

He added that the step comes as part of constructive cooperation between the two institutions to develop the Egyptian capital market.

This came during a ceremony to mark the signing of a cooperation protocol with GAFI to ease procedures of listed companies.

On his part, Executive Director of GAFI Mohamed Abd El-Wahab said that the signing of the current cooperation protocol with EGX is increasing in importance, especially with regard to working on automating transactions, in line with the Egyptian state's orientations towards digitalization to facilitate procedures for investors.

“The cooperation comes from the Authority’s keenness in cooperating with the stock exchange to build an integrated and updated database for both sides," he added.

"The protocol will help the digitalization of the services provided and the exchange of data and information, in a way that contributes to accelerating the pace of services needed by listed companies," the chairman pointed out.