Government amends regulation of offering state-owned shares on EGX

Sunday 03 March 2019 03:49 AM

Prime Minister Mostafa Madbouly
Prime Minister Mostafa Madbouly

By Ahmed Ashour:
Prime Minister Mostafa Madbouly has issued a decree to amend an article in the decree No. 626 of 2018 on the rules of state-owned companies shares IPO program. Under the amendments, the price of offering unlisted and listed shares, which are inactively traded, is set in light of examining fair values of that price.
Another amendment is related to listed companies, whose shares are actively traded. It stipulates that the result of promoting IPO and the result of shares private/ public offering must be considered in light of coverage.
The previous article stipulates that the price of offering shares on the stock market is set at 10% above or below the average closing price during the previous month from the date of appointing promoting investment banks announcement.