The Egyptian Stock Exchange fines 8 companies 85,000 pounds for violating the listing rules

The Egyptian Stock Exchange’s listing committee decided to fine 8 companies 85,000 pounds for violating the provisions of the rules for listing and writing off securities and the executive procedures for the listing rules, and the committee fined GlaxoSmithKline 25,000 pounds, for violating the provisions of Article 32 of the rules for listing and writing off securities and Article 44 of the procedures The two companies, Orascom Financial Holding, South Valley Cement, fined 10,000 pounds each for violating the provisions of Articles 32 and 46 of the rules for listing and writing off securities and Articles 44 and 64 of the executive procedures for the rules for listing and writing off securities.

 

The committee also decided to fine the two companies, Ajwaa Food Industries-Egypt, Sharm Dreams for Tourism Investment, 10,000 pounds for repeating the same violation, which is the two companies’ failure to comply with Article 46 of the rules for listing and writing off securities, and signing a financial commitment of 5,000 pounds on the two Sinai Cement companies, North Upper Egypt. For Agricultural Development and Production (Newdap), due to the company’s non-compliance with Article 46 of the rules for listing and writing off securities, and signing a financial commitment of 10,000 pounds on Grand Investment Holding for Financial Investments, due to the company’s violation of the provisions of Articles 28 and 34 of the rules for listing and writing off securities and Article 50 of the executive procedures of the rules for listing and writing off securities.

 

In a related context, the Stock Exchange Listing Committee decided, in its session held yesterday, Wednesday, to grant Al-Wadi International Company for Investment and Development, an additional period of 15 days, ending at the end of June 30, to provide the Stock Exchange with an indication of appointing an auditor and assigning him to review the financial statements and express his opinion. The company's shares will be traded in List (D) as of the beginning of the trading session next Monday, July 5th.