Cairo - Mubasher: The Egyptian Stock Exchange (EGX) adopted a new mechanism for publishing financial statements, allowing companies a time limit of just 45 days after the end of a period to reveal its statements.
In case a company fails to meet this deadline, EGX will suspend the trading on its stock, the Egyptian bourse revealed in a statement issued Wednesday.
Previously, EGX would only suspend trading on a stock after 15 days, if the company didn’t reveal its financial statements for two consecutive periods.
Amending this rule was necessary to protect the rights of shareholders, said Mohamed Omran, chairman of the Egyptian Exchange.
The new rule will be applied starting 30 September 2016.
