By Mahmoud Salah
Cairo – Mubasher: The Egyptian Financial Supervisory Authority (EFSA) has decided that the selling return value of global depositary receipts (GDRs) will be provided in Egyptian pounds when transferred into shares for changing hands, said EFSA chairman Sherif Samy.
“The new amendment aims at making a balance between GDRs and Local depositary receipts”, he told Mubasher in a phone call.
He added “investors still enjoy arbitrage price”, but the proceeds from selling will be in Egyptian pounds when transferred to investors’ account”.
The new decision has taken effect as of 19 July 2016.
