Dr. Mohamed Omran, Chairman of the Egyptian Exchange (EGX) stressed that he would not allow the listing of companies that could hurt the stock market reputation regionally and globally as the third oldest bourse worldwide.
EGX has been receiving share listing requests from companies that have no actual activities and are aiming at making a fortune by listing and speculating their shares, Omran told state-owned news agency MENA.
On paper, the companies met all the conditions but after the listing committee studied their requests, it found out they had no assets or projects on the ground and are owned by speculators, he said.