BIG: American Automotive Group Neither Subsidiary Nor NASDAQ Listed

In a filling to the Egyptian Exchange, BIG Trade and Investment (BIGP) has stated on Wednesday that American Automotive Group is not the firm’s subsidiary and accordingly it did not make any statements regarding the listing of the latter’s stock on the Egyptian Exchange (EGX) or on NASDAQ either.

BIG further noted that American Automotive Group is just an Egyptian Joint Stock Company (S.A.E) located in the free zone and it is listed neither on the Egyptian nor any foreign stock exchanges.

This was after the news published on Tuesday that the American Automotive Group has become the first firm in Egypt as well as in the Arab world listed on one of the biggest stock exchanges in the world by market capitalization and trade value – NASDAQ.

Referring to BIG’s plans to raise its capital to EGP 50 million, the firm said it requires the ratification of the board of directors which did not discuss such an issue yet. The firm further added that once the BIG board ratifies the  capital increase, it shall submit a disclosure form to the Egyptian Financial Supervisory Authority (EFSA) in accordance with the Listing and Delisting regulations.

As a result, the EGX administrations decides to resume trading for the BIG’s stock.

The NILEX-listed stock soars on Wednesday by 4.72% to close at EGP 2.44.

It is worth noting that the Turkish Anadolu Agency reported on Tuesday that Mansour ElBarbary, Chairman of BIG Trade and Investment, announced BIG Trade and Investment plans to raise its capital to EGP 50 million so as to be listed on the main market – the EGX.