Egypt Bourse Regulator Welcomes Capital Top-up Plans – Chief

The Egyptian market welcomes any serious plans made by companies listed in the country’s stock exchange to increase their capitals in order to provide liquidity for projects which would eventually have positive impact on the national economy, the chief of the financial regulator told the state-run agency MENA.

Mr. Sherif Samy, the newly-appointed Chairman of the Egyptian Financial Supervisory Authority (EFSA) stated that the market regulator welcomes any ambitious plans made by EGX-listed companies to increase their capital so as to expand their operations and provide liquidity for projects, which reflects positively on the country’s economy.

The top official further added that he approved over the last period requests for increasing capital, which total nearly EGP 6 billion. He also indicated that companies whose capital top-up requests had been turned down in the past could re-submit their requests to EFSA provided that they have serious feasibility studies.