Back to the complete issue
Thursday, 19 March 2020

Market regulator extends the financial statement submissions deadline to the end of April

REGULATION WATCH- Regulator extends financial statement submission deadline, allows trading via email, text: The Financial Regulatory Authority (FRA) decided yesterday to extend the deadline for EGX-listed companies to submit their financial statements for 4Q2019 to 30 April, according to an official statement (pdf). The deadline to disclose 1Q2020 financials has been extended to 15 June.

Trading in the time of covid-19: The authority is now allowing brokerages to receive buy and sell orders via email or texting apps as long as the order bears the approved signature of clients and the approval of the customer, an official statement reads.

The FRA is also giving EGX-listed companies the option to hold general assembly meetings online, provided they have an effective online system in place. The decision comes as companies are increasingly shifting to remote working and social distancing to curb the spread of the virus. We’ve been told that official custodian MCDR is developing the official voting system, so watch this space for more news.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.