efsa amended rules of priorities of listing securities at ese comes in effect
Last Updated : GMT 05:21:58
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Last Updated : GMT 05:21:58
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EFSA: Amended rules of priorities of listing securities at ESE comes in effect

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Arab Today, arab today EFSA: Amended rules of priorities of listing securities at ESE comes in effect

Egyptian Financial Supervisory Authority
Cairo - MENA

The amended rules of listing and delisting securities at the Egyptian Stock Exchange came into force as of Sunday, announced the Egyptian Financial Supervisory Authority (EFSA).

In a statement released on Sunday, Chairman of EFSA Sherif Samy said the amended rules of priorities of listing and delisting securities were published in Egypt's Gazette upon approval of EFSA's board of directors on Decision No.138 for the year 2016. 

The decision aims at increasing market liquidity in stocks, index funds and debt instruments like bonds and securitization bonds.

EFSA also approved a draft law on regulation of movable securities to facilitate the development and activities of small and medium companies.

The amended rules also include procedures for splitting companies having securities listed on the Egyptian Stock Exchange. "Splitting up companies" means separating their assets or activities and their associated liabilities and equities into two, separate companies. 

EFSA Board of Directors also approved adding a draft article to the Executive Regulations of the Capital Market Law regulating convertible bonds, which provides the authority to the extraordinary general assembly of a company to approve the method of calculation of the price/ factor of conversion from bonds to shares. 

Companies, upon their official notice to the founding shareholders of increasing capital securities, will be committed to apply for ESE to list its securities at bourse only a week ahead of the offering for subscription. 

New securities listed could be separately traded in separation from the original ones after three working days upon rules applied by EFSA after opening doors for subscription.

Under such regulations, companies would be obliged to list its capital increase in cash each half fiscal year for two years.

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efsa amended rules of priorities of listing securities at ese comes in effect efsa amended rules of priorities of listing securities at ese comes in effect

 



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