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Thursday, 28 April 2016

Did EFSA just give you an extension on the reporting of your 1Q2016 financials?

The Egyptian Financial Supervisory Authority appears to have given companies two extra weeks in which to file their 1Q2016 results. Companies whose fiscal year begins on 1 January will have until 31 May to report. Similarly, corporations whose fiscal year begins 1 July will have until 31 November to make their first-quarter disclosure. The extensions are a one-off for this year only — we’ll be back to the normal disclosure cycle in 2017. News of the extension was included in a notice on amendments to listing regulations, where changes include the new restriction on the sale of 50% of a company’s non-liquid assets without approval from general assemblies and counting stock held by parent companies in subsidiaries as treasury shares. You can read the notice here in pdf (Arabic).

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