15 January 2013

Egypt: Capital of Listed Companies to Be LE 50 Million

The General Authority for Financial Control issued a resolution on Monday 14/1/2013 to amend some rules regarding securities' registration on the Stock Exchange.

The resolution aims to broaden the base of shareholders in the listed companies and to reduce manipulations in the prices of securities to protect the rights of investors in the stock market.

Head of the Authority Ashraf Sharqawi said that the new resolution will support the stock market, protect clients and provide the elements needed to strengthen the efficiency of the market.

The resolution also includes amending the minimum limit for the issued and paid capital for companies wishing to inscribe in the Egyptian Stock Exchange to LE 50 million, or the equivalent in other currencies to be consistent with the capital of the small and medium-sized companies that restrict for the first time.

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