As per the Egyptian Exchange (EGX)' attempts to attract more companies from various sectors to list in the stock market so as to provide various investment options for perspective investors, which is positively reflected on the listed companies' market capitalization.
nd in the context of changing the way to deal with the companies applying to list, the listing agents and the nominated advisors; and in a response to the requests to simplify EGX listing procedures, EGX performed an initial step to accomplish those purposes by reducing the documents required to list in EGX, either for large, medium or small companies applying to list for the first time.
Dr. Mohammad Omran, EGX Chairman, issued the decision No. (275) for the year 2014 effective as of today, to reduce the number of listing documents that were requested by EGX almost to the half, by excluding the banking deposit certificates Photo copies showing the capital developments, as well as general assemblies and boards of directors minutes copies that approved the capital increase as long as the company submitted the newspapers that include the capital increase decisions, the Egyptian Financial Supervisory Authority (EFSA) approval as well as the capital notation in the commercial register as the considered listing is the last one registered in the commercial register.
The auditor certificate about the capital developments will replace those documents as ensuring the capital payment responsibility is of the administrative bodies when issuing the company's shares, also is the responsibility of the company's auditor.
Moreover EGX excluded the document to obtain a copy of the report relative to the committee formed to evaluate the provided in-kind portion in case of merger or capital increase, considering that it's also the responsibility of the related administrative authority. Furthermore the commitments which was obtained by EGX from the legal representative were reduced. EGX just needs the documents accompanying the listing application mentioned in the listing rules.
It is worth mentioning that EGX management calls the companies applying for listing to not hide any information affecting the listing validity, also EGX reserves the right to request any additional documents may be required during the inspection process.