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Source: Thomson Reuters.   Last updated on Feb 17, 2019 at 17:18PM (UTC).   Delayed by at least 15 minutes.
Petroleum Ministry and the Egyptian Exchange Agreed to Use the Stock Market to Finance Companies and Reform their Structures
Feb 15, 2015
H.E. Eng. Sherif Ismail, Petroleum Minister and Dr. Mohammad Omran, Chairman of the Egyptian Exchange (EGX) met at the Petroleum Ministry’ premises, where the meeting discussed the ways of cooperation between the Ministry and EGX in financing oil companies as well as financially restructuring them.

The meeting mentioned EGX’ role as a financing platform, and what it can greatly contributes to provide funding for the oil companies during the next phase, which requires a huge investment in this important and vital sector, given that a study should be performed about the best ways to benefit from the stock market to finance a number of promising companies that need more investments, furthermore to restructure companies that need to develop their financial position, without bearing the budget with additional burdens.

From his part, Dr. Mohammad Omran said that the Petroleum Ministry has a set of strong and high solvent companies, stressing that the earlier experiences of oil companies in the stock market was very promising. Dr. Omran stated that the basic role of EGX is to fund  those companies and allow expansion and growth opportunities for them, pointing that the stock market was able to provide LE 100 billion over the last decade. He thinks that the stock market is able to provide greater funding for companies in case of introducing companies with strong financial solvency, especially that the recent period proved the investors’ high demand for new featured securities.

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