Egyptian Stock Exchange News
The Egyptian Stock Exchange [EGX] diversified during the trading session on Thursday, 23-5-2019, the most important of which was the end of the Egyptian Stock Exchange, trading Thursday session, the end of the week sessions, a collective rise of all indicators.
The stock exchange is gaining 5.2 billion pounds
The Egyptian Stock Exchange ended the session on Thursday, ending the week with a collective rise of all indices driven by buying from Egyptian and Arab dealers. The market capitalization rose by 5.2 billion pounds to close at 751.653 billion pounds.
The volume of trading on the shares amounted to 70.2 million securities worth 394.1 million pounds, through the implementation of 13.8 thousand transactions for 157 companies, the Egyptians accounted for 63.69% of the total transactions, while foreigners accounted for 25.76% and Arabs at 10.55% during today's trading session, and acquired Institutions accounted for 51.09% of the transactions in the stock exchange, and the rest of the transactions were for individuals at 48.90%.
Timeout for 12 companies
The Listing Committee of the Egyptian Stock Exchange decided to grant 12 companies a week's notice to convene the ordinary general assembly to approve the annual financial statements, provided that the offer is returned to the registration committee in case of non-compliance.
The companies addressing this decision are Beltone Financial Holding, Citadel Capital Financial Consultants, BEG Trading and Investment, Genial Tours, Arabian Polvara Spinning & Weaving, Ezz Steel, South Valley Cement Joint Brothers for Real Estate Investment, ASEC for Mining – ESCOM, Rowad Misr for Tourism Investment, Middle East Glass Industry, Golden Pyramids Plaza.
The registration committee has also addressed these companies to submit the annual financial statements approved by the General Assembly within one month from the date of notification of the decision of the registration committee. The company also decided to prepare the annual financial statements for a maximum of 3 months from the end of the financial year, In accordance with the provisions of Article 46 of the Listing Rules in the future to avoid violating the rules of registration and imposing a financial obligation in accordance with the contract concluded.
"Up Town Cairo"
Emaar Misr Development Company said in a statement on Thursday that the arbitration proceedings with Al Nasr Housing and Development Company are still pending before the Cairo International Regional Center for International Commercial Arbitration. However, there are positive negotiations with the company regarding settling the dispute between the two companies on the land of the " Town of Cairo.
Al Nasr Housing and Development Co. filed an arbitration suit before the Cairo International Arbitration Center [ICC] against Emaar for the termination of their contract for the Abutain Cairo project and demanded a compensation of one billion pounds.
The company called for the recovery of 3 million square meters of land Zahraa Mokattam, which falls within the scope of the project of Abu Town Cairo, because of the company's commitment to develop and develop, and get a fee to change the activity of the area of 500 thousand square meters project.
Emaar Egypt posted a profit of LE 418.6 million during the three months ended March, compared to a profit of LE 503.2 million in the corresponding period last year, taking into account the minority interest.
The company's revenues for the first quarter of this year fell to LE 566.6 million compared to LE 830.7 million in the comparable quarter of 2018.
Central Auditing Report
The listing committee held on Thursday decided to address 7 companies to confirm the report of the Central Auditing Organization on the financial statements for the financial period ended 31 December 2019, immediately after its issuance and before the first trading session following the date recorded in the auditor's report.
The list of Arab and Polvara Spinning and Weaving Companies, Shams Housing and Development, Telecom Egypt, International Leasing Finance, Encolees, Gas Egypt, Egyptian Transport Services, Mohandes Insurance.
3 companies are fined
The Listing Committee of the Egyptian Stock Exchange decided to fined 3 companies for the amount of 40,000 pounds for violating the registration rules, distributed among the fines of Zahraa Maadi Investment and Construction Company, EGP 10 thousand, in violation of the provisions of Article 38 of the rules of registration and cancellation of securities and Article 66 of the executive procedures, In violation of the provisions of Article 46 of the Rules of Registration and Deletion of Securities and Article 64 of the executive procedures.
The Arab Real Estate Investment Company [ALICO] was fined 20,000 pounds to duplicate the provisions of Article 32 of the Listing Rules.
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