Cairo – Mubasher: The Egyptian Financial Regulatory Authority's (FRA) board of directors approved new amendments to the listing regulations of the Egyptian Exchange (EGX).
Under the new amendments, companies looking to go public will have to offer at least 1% of the EGX’s total free-float market cap, instead of a minimum number of the company's total shares, the FRA's Chairman, Mohamed Omran, said in a statement on Sunday.
Companies will also be required to have a free-float market cap of at least 0.5% of the EGX’s total free-float market cap, Omran added.
This move is ahead of anticipated initial public offerings (IPOs) of several major companies, including the Administrative Capital for Urban Development (ACUD).
