City Trade Mulls Holding Company Merger To Be Listed On EGX

City Trade for Securities & Brokerage said on Tuesday that it is studying the acquisition of one of the holding companies in the country in order to comply with the Egyptian Exchange’s listing regulations as brokerage firms are not allowed to get listed on the Egyptian bourse.

Ezzat Abdel Badei, the managing director at City Trade, said the company has failed to get listed on the EGX amid the Egyptian Financial Supervisory Authority’s decree, which does not allow the non-banking financial services firms to be listed on the bourse, in accordance with the global laws.

As a result, the City Trade has decided to adopt further options including taking into consideration the acquisition of one of the holding companies, Abdel Badei added. Upon the acquisition of the holding company, City Trade would manage to add the brokerage activities to the firm’s businesses and to be listed in the EGX afterwards.