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Tuesday, 31 October 2017

EFSA sets one month deadline for companies to IPO after receiving approval

Companies will now have to IPO shares within one month of receiving approval to do so from the Egyptian Financial Supervisory Authority (EFSA), the authority said in a statement on Monday after amending listing regulations. Under new regulations, companies wishing to list new shares must first apply for approval from EFSA and submit fair value reports and details of the IPO. The amendments include an internal deadline for EFSA to process listing requests within 15 days of receiving the application. The move is meant to expedite listing procedures while ensuring transparency for investors, read the statement.

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