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Sunday, 6 September 2020

EGX flags seven companies for possible delisting

EGX names seven companies on its D-list: The EGX has placed seven companies on its naughty list of stocks that could face delisting over non-compliance with listing and disclosure rules, the EGX said in a statement on Thursday. Egyptian Starch & Glucose and Modern Waterproofing (Bitumode) were both listed as they failed to delist after a majority stake acquisition. The National Egyptian Drilling & Petroleum Services Company, El Kahera El Watania Investment (KWIN), and Osool ESB have been put on the list for falling short the minimum requirement of free-floating shares, while Incolease was named due to falling below the minimum shareholders requirements. Rowad Misr Tourism Investment was put on the list for both reasons, along with losing the minimum requirement for the number of listed shares (the EGX listing rules (pdf) stipulate that listed companies must have at least 300 shareholders, 5 mn shares, and 5% free floating shares). The exchange introduced the D-list last month for companies who fail to comply with the regs.

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