The EGX is considering removing restrictions on global depository receipt (GDR) transactions, outgoing bourse chairman Mohamed Omran said yesterday on his last day in charge, according to Ahram Gate. The restrictions were put in place when access to FX became restricted, he says. Omran hints that the EGX could cancel a regulation that forces the proceeds of GDR sales be converted to EGP before being distributed to beneficiaries. This would allow people selling GDRs to receive their proceeds in foreign currency. Omran also said foreigners have increased their exposure to Egyptian stocks by a net EGP 11 bn since the EGP float, according to Reuters. Egypt’s stock exchange has attracted a total of EGP 15 bn in foreign investment since 2013, Omran told a news conference. He expects “the EGX will also begin trading bonds in 1Q2018,” Reuters notes.Omran also talked about privatising the EGX being a possibility, according to Al Masry Al Youm.

…In related EGX news, EFSA has greenlit plans by Amer Group and Porto Groupto issue up to one third of their issued and paid-up capital as GDRs. Both companies are planning on listing GDRs on the LSE, according to regulatory filings.