EGX launches new market ‘Tanmeya’ for voluntarily delisted companies
TLDR
- Egyptian Exchange (EGX) introducing 'Tanmeya' market with issuer company-aligned trading rules.
- 'Tanmeya' market streamlines exit process for involuntarily delisted companies.
- EGX aims to increase liquidity by engaging major shareholders and encouraging more shares.
The Egyptian Exchange (EGX) is set to introduce a new market called 'Tanmeya,' characterized by trading rules that align with the issuer company's preferences. EGX will have the ability to directly list companies on this market, particularly those that were involuntarily delisted, streamlining the exit process for interested parties.
This strategic initiative is part of EGX's development strategy, designed to enhance market dynamics without impacting the standard registration procedures for companies on the exchange. The 'Tanmeya' market will feature specific regulations, including auction methods, weekly trading days, predefined maximum quantities and values for operations based on a percentage of issued shares, and fixed transaction values.
Furthermore, EGX plans to engage with major shareholders of listed companies, especially government-owned entities, encouraging them to offer more shares. This approach aims to increase liquidity and trading activity in these companies' shares while facilitating fundraising for future expansions through the EGX.
Key Takeaways
The introduction of the 'Tanmeya' market by EGX presents a unique opportunity for both prospective and existing investors. For new investors, it offers an avenue to engage with companies, especially those previously delisted, under trading rules tailored to issuer preferences. This flexibility and direct listing potential enhance accessibility to investment opportunities. Existing investors benefit from increased liquidity and trading activity in listed companies, particularly those with government ownership, fostering a more dynamic market. The initiative encourages major shareholders to offer additional shares, providing investors with the chance to diversify portfolios and potentially capitalize on future expansions funded through the EGX. Overall, 'Tanmeya' aligns with EGX's development strategy, creating a more responsive and attractive investment landscape.
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