The Chamber of Information Technology and Telecommunication (CIT) and The Egyptian Exchange (EGX) announced their intention to cooperate to organize meetings for CIT member companies to raise awareness about the listing benefits in both of (NILEX) for small and medium-sized enterprises (SMEs) and the main market (EGX). Moreover to exhibit the funding opportunities available in the Egyptian market as well as the success stories that have been recorded previously about listed companies.
It is expected that the upcoming workshop will be organized with the participation of a large number of IT and telecommunication companies, within the framework of raising the business community awareness about the funding opportunities offered by EGX for companies, in addition to attract local and foreign investments for companies, whether with small, medium or large size more easily.
These efforts also comes in line with CIT’ strategy aiming to open new horizons for its members to provide more opportunities for funding and to achieve the ambitious goals of growth rates and to expand locally, regionally and globally, which will be reflected on IT industry in general and its contribution to the national income.
CIT is targeting to provide an opportunity for long-term borrowing through the issuance of bonds, and to maximize the Egyptian companies’ market value and to acquire good reputation in front of customers, suppliers and banks, moreover to facilitate the merger operations between small and medium Enterprises to build more competitive entities.
Dr. Mohammad Omran, EGX chairman pointed that EGX interest to the business community is a continuous process and is based on its strategy and direction to develop the national economy and to increase its growth rates through the provision of funding for promising sectors, stressing that the close cooperation between EGX and the business associations, chambers of commerce and industrial areas to spread awareness among companies about the real stock market role to develop the economy.
Omran said that investors in the stock market have become increasingly experienced with technology and communications companies because of the existence of multiple cases in the Egyptian market for companies operating in IT field. He pointed out that attention also comes from foreign investors wishing to enter the Egyptian market.
Mr. Khalid Ibrahim, CIT Chairman said: "Within the framework of the ambitious plan sponsored by CIT aiming to develop the local companies specialized in this industry in the various training and advisory aspects, the new cooperation with EGX and NILEX comes to provide a new funding option that is considered to be one of the key factors that would positively contribute to the future corporate plans to improve the Egyptian products and services’ quality and efficiency, furthermore to expand regionally and globally and to be qualified for participating in the governmental projects. "
He stated : "The awareness about the benefits and importance of listing on NILEX for Small and medium companies (considered to be the backbone of the developing countries’ economies) is a great chance for companies with promising capabilities to face all of the challenges that hinder growth plans and competitiveness."
It is scheduled that the workshop will discuss a number of key topics, including the benefits of listing on EGX and NILEX for SMEs, listing and disclosure rules, moreover trading, clearing and settlement rules.