CAIRO Jan 22 Egypt's financial regulator will
implement new regulations for companies listed on the stock
exchange on Feb. 1 to help boost trading on the bourse and
attract more investment, its chairman said on Wednesday.
A listed company will no longer need permission from the
Egyptian Financial Supervisory Authority to split shares or have
to call a general assembly prior to a capital increase as long
as it complies with pre-set rules, EFSA head Sherif Samy told
Reuters by phone.
The new rules will also make it easier for companies wishing
to list on the stock exchange, Samy said.
Much of the activity in Egypt's capital markets froze up
during the political instability which followed the toppling of
President Hosni Mubarak in February 2011.
Samy told Reuters in October that listing regulations were
in "dire need" of change.
The weakness of the stock market deprived companies of a
source of funds, hurting their balance sheets and business
confidence. The market has recovered only partially since
Islamist President Mohamed Mursi was overthrown last July
following mass protests against his rule.
As part of Egypt's drive to attract much needed investment,
a bond trading platform in Egypt that has been 10 years in the
planning could open for business in the second quarter of 2014,
stock exchange chairman Mohamed Omran told Reuters on Tuesday.
The bond trading platform could make it easier for investors
to buy and sell securities on the bourse.
(Reporting By Ehab Farouk, writing by Shadia Nasralla; Editing
by Hugh Lawson)