Egyptian Exchange’s management will allow the listing of companies that would hurt the stock market reputation regionally and globally as being the third oldest bourse worldwide, chairman Mohamed Omran said on Saturday.
The Egyptian bourse is currently striving to regain its leading international and domestic position, he noted.
Speaking to the state-run news agency MENA, Omran said EGX has been receiving share listing requests from companies that have no actual activities and are aiming at making a fortune by listing and speculating their shares.
A number of speculators formed companies through money gained in the stock exchange and aim to change strategy by speculating on companies and raising its value, unrealistically, to EGP 500 million and EGP 1 billion while its real value does not exceed few millions of pound, the Egyptian official revealed.
On paper, the companies met all the conditions but after the listing committee studied their requests, it found out they had no assets or projects on the ground and are owned by speculators, he said.