Egyptian Exchange Announces The Opening To Apply For Its New Board Elections Next May - Omran: Activating Debt Market And Supporting EGX Status As A Self-Regulatory Institution Are Of The Most Important Challenges For The New Board.

Dr. Mohammed Omran, Chairman of the Egyptian Exchange (EGX), announced 17th of June, 2013 as the date to perform EGX new Board of Directors' elections.   This date will be presided by receiving the elections' requests; from 12th- 16th May, 2013. This will be followed by a week to study the submitted applications, as well as to receive grievances from the candidates rejected by the elections Committee headed by Fatwa Committee head from the Council Of State and two representatives from the Ministry of Investment and the Egyptian Financial Supervisory Authority (EFSA). 

Dr. Omran mentioned that the votes counting process will be done through a committee chaired by one of the council of state advisors to ensure the commitment of all controls and standards organizing the elections. 

Omran said that EGX board succeeded to achieve some objectives in the past 500 days, where it couldn't achieve others due to the circumstances experienced by the country during the past two years.

He elaborated that during this period (between September 2011 till April 2013) EGX management succeeded in attracting 14 new companies to list in the stock market with a total capital amounted to 2.5 billion Egyptian pounds. Although these companies did not include large entities, but this can be accounted for due to the unfavorable conditions experienced by the market. Moreover EGX succeeded in the same period to adjust the positions of 3 listed companies with a total capital amounted to 76 million Egyptian pounds.  Also the totals of capital increases during the period of the current Board were amounted to 6.1 billion Egyptian pounds.