EGX Targets Large Economic Entities for Listing, Says Chairman

Ahmed Al-Sheikh, Chairman of the Egyptian Stock Exchange (EGX) discussed the broad outlines of stock exchange strategy for development during on the occasion of the celebration of the centenary of the historic building of the Egyptian Stock Exchange.

The Chairman of the Egyptian Stock Exchange explained that the Stock Exchange has made great progress in re-modernizing the trading system, as the current system in place since 2008 has become obsolete, and now it has an integrated system that includes the stock market in addition to the derivatives markets and carbon emissions reduction certificates, and also modernizing the trading control system with the latest international standards.

Al-Sheikh explained that the Stock Exchange has succeeded in attracting 6 new companies for registration since the beginning of the year, and trading has already begun in their shares. Also, four companies have moved from the small and medium-sized companies market to the main market, and the Stock Exchange is targeting more companies and large economic entities for registration in the main market during next period.

He noted that the Stock Exchange launched the EGX 33 Shariah Index to attract new segments of investors and provide a new financial instrument. It also undertook a comprehensive restructuring to divide the markets within the Stock Exchange and link market lists to indices, which led to an increase in the number of shares allowed for specialized activities.

Al-Sheikh revealed that the Egyptian Stock Exchange has completed all the necessary steps to launch the voluntary African carbon market trading platform, and is awaiting the implementation of the first deals soon, allowing all brokerage companies to participate in the offerings, as well as building the order book for the private placement on the stock exchange.