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December 07, 2019
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EGX Issues the Executive Regulations for the Registering and Executing the IPO & Private Placement
Egyptian Exchange
Posted: Monday, 25 Nov 2019

The Egyptian Exchange (EGX) issued a decree regulating the procedures for registering and executing public and private placements in the Egyptian capital market after being approved by the Financial Regulatory Authority (FRA). The amended decree allows Specialized committee in EGX to adjust the timeline for receiving orders during the offering, according to the justifications provided by the offering Manager and accepted by EGX, up to two working days before the end of the period of registration of orders at the EGX platform.  The Financial Regulatory Authority shall be notified of the Committee's decision and a summary of the justifications submitted to the EGX before the implementation of the required amendment begins. Misr for Central Clearing, Depository and Registry (MCDR) shall also be notified of the amendment as well as the offering Manager shall be committed to disseminate the amendments through the means prepared for this purpose at EGX. During the validity period, EGX shall announce on the trading screens the coverage ratio of the private placement and the execution price, this immediately after receiving the offer manager’s statement. The MCDR must be notified to do its duties.   The Egyptian Exchange will automatically deleting orders of retail investors that overlap with orders from the same party in the private placement once orders are placed on its OPR system.
 
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