New bourse for smaller firms launched in Egypt

05 June 2010

Maged Shawky, chairman of the Egyptian Exchange has announced the launch of an exchange aimed at offering cash-starved smaller firms a new a way to raise capital as markets pick up, Reuters has reported. The new Nilex platform for smaller companies, on which trading started on Thursday, also gives private equity firms a route to exit some of their investments, he said. Nilex has fewer disclosure requirements than the main Egyptian market to make it suitable for smaller companies with a shorter track record. The new bourse has now listed ten firms.

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