Egypt launches new bourse for small, medium-sized enterprises

21:53, June 03, 2010      

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Egypt launched on Thursday a new bourse to trade in shares of small and medium-sized enterprises, state-run MENA news agency reported.

"The Nile Bourse was launched Thursday and started operating at 11:00 a.m. for one hour," Maged Shawki, chairman of the Egyptian Stock Exchange, was quoted as saying.

The bourse, also known as the Nile Stock Exchange, is the first of its kind in Egypt, the Middle East and North Africa region, and it will trade in shares of small and medium-sized enterprises, Shawki said.

The trading will start with 10 listed companies with a capital below 20 million Egyptian pounds (3.6 million U.S. dollars), Shawki said, adding the aim of this bourse is to boost the Egyptian economic growth.

Small and medium-sized enterprises with registered capital of less than one million Egyptian pounds account for 70 percent of all enterprises in the country and play an important role in Egypt 's economy.

The average growth rate of Egypt has ranged from 5 to 7 percent during the past five years, according the Egyptian Investment Ministry.

Source: Xinhua


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