The Egyptian Stock Exchange, headed by Mohamed Farid, approved the proposal of the Banking and Exchange Committee of the Businessmen Association to work together to develop a map for listing family businesses that have the desire to abide by the terms and procedures of the Stock Exchange.
According to Arabiya Net, the committee submitted the proposal during a meeting it organized with the Chairman of the Egyptian Stock Exchange via video conference technology.
The committee will meet with family companies from the association and other companies, to determine the challenges they face for listing on the stock exchange from a legal and tax point of view, according to economyplusme. .
Family businesses are not bound by regular audited accounts that meet required standards and other structural problems, according to a statement by the committee.
The Banks and Exchanges Committee of the Businessmen Association expects that the offering of family businesses will increase the number of new IPOs, and will also lead to an increase in the daily rate of trading in the stock exchange.
There are a large number of these companies in Egypt, between medium and large size, which can enrich the stock market, according to Hassan Hussein, head of the committee.
The number of companies listed in the capital market is 238, distributed between 212 companies listed in the main market and 26 companies listed in the small and medium-sized companies market. The market capital of these companies amounted to 731 billion pounds. Until the end of last August, according to Mohamed Farid, head of the Egyptian Stock Exchange.
The restricted bonds amount to 183 issues distributed among 136 treasury bond issues, 19 housing bond issues, two corporate bond issues and 26 securitization bond issues with a total market capitalization of 1,967 Trillion pounds on August 31, 2021.
