Mohamed Farid Saleh, Executive chairman of EGX, delivered a keynote speech at the CI Capital MENA Investors Conference, during which he reviewed EGX’s strategy to develop the Egyptian capital market Industry for this year.
He said that EGX’s management is working to achieve a qualitative shift in the framework of the capital market industry applying the value chain strategy with its 3 axes, namely; the demand through creating different channels of communication presenting EGX’s financial literacy program that targets university students and companies’ employees. Improving trading environment through adding and developing financial mechanisms and products and finally the supply through increasing potential companies to list data on the CRM program that provides consultancy to companies eligible and planning to list. In addition to improving the quality of the disclosures submitted in both Arabic and English.
Farid announced that among EGX’s plan for this year, its’s management is finalizing a study for the restructuring of the SME market in cooperation with the European Bank for Reconstruction and Development (EBRD) to be discussed with the Financial Regulatory Authority (FRA) upon completion. Also, EGX is finalizing the Mercantile Exchange to be launched soon. Lastly, working in coordination with the Central Bank of Egypt (CBE) and the Ministry of Finance on the development of the bond market.
“Previous experience shows that increasing our investors’ database will only come from fresh IPOs, similar to what happened in the 1990s & 2004, listing companies like Telecom Egypt, Alexandria Mineral Oils and Sidi Krier Petrochemicals, which revived the market and attracted large and fresh segments of investors.” Said Farid.