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Monday, 14 May 2018

Nine companies, including Orange Egypt, face mandatory delisting by mid-June

Nine companies, including Orange Egypt, face mandatory delisting by mid-June: Nine companies have yet to meet the EGX’s listing requirements on the minimum required number of shareholders, shares, or shares in freefloat, according to a statement from the EGX (pdf). Three of these companies — El Shams Pyramids for Hotels and Touristic Projects, Nile City Investments, and Alex Container and Cargo Handling — are currently making progress on meeting the requirements. Union National Bank, Samcrete, Al Orouba Company for Mining & Trading, Incolease, and Rowad Misr Tourism Investment are at risk of mandatory delisting, which the bourse will decide on at a meeting on 12 June if they fail to meet the requirements. The lawyers are still looking at Orange Egypt: The mobile network operator had said back in January it is “examining all options” to increase its freefloat to at least the minimum, which the company said is dependent on market conditions.

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