Egypt Bourse Approves Kuwait’s Al Salam Group Share Listing – Chief

The Egyptian Exchange (EGX) has officially approved a request from Kuwait-based Al Salam Group Holding to list its shares as ADRs, EGX Chairman Dr. Mohamed Omran told state-owned news agency MENA on Sunday.

Dr. Omran said the bourse received the approval of Egypt’s financial regulator; the Egyptian Financial Supervisory Authority (EFSA) on the stock listing, adding that the EGX will request the Kuwaiti company this week to complete required documentation in addition to defining the percentage of share offering.

According to the top official, the group’s ADRs are expected to start trading late this year or early in 2014 at most.

Last Monday, A Kuwait-based public shareholding company engaged in investment activities Al Salam Group Holding Company KSCC (ALSALAM) (SAGH.KW) had revealed its ongoing contacts with the EGX and the EFSA, seeking to know the necessary procedures to cross-list its shares on the Egyptian bourse.

This comes after Al Salam Group had reported on August 20 of this year preparing a feasibility study so as to cross-list its shares on a number of stock exchanges, including the Egyptian stock market.

It is worth noting that Al-Salam Group Holding Co KSCC announced on September 19 that it had received an approval from Dubai Securities and Commodities Authority to cross-list its shares on Dubai Financial Market (DFM) starting September 29, 2013 under the symbol  of (Alsalamkw), to mark an increase in the number of Kuwaiti firms cross-listing on the Dubai bourse to 8.

About the Company:

The company is engaged in owning shares in other companies, participating in the establishment, lending, and managing of these companies. It also owns patents, trademarks, royalties or any other rights related to the industry. The industrial patent rights are franchised to other companies. The company also has substantial investments in real estate & movable property for carrying out its operations.

Company Overview*

* Data has been compiled from Al ALSALAM holding company’s official website.