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Egypt's stock exchange expects up to 5 firms listing before 2017-end

Egypt's stock exchange expects to see three to five IPOs of large and medium-sized companies before the end of 2017, Reuters reported Aug. 7, citing Egyptian Exchange Vice Chairman Mohsen Adel.

Adel reportedly said the stock market will focus on attracting new firms over the next few years by introducing financial instruments such as Islamic financing and converting to a full digital quote system.

He added that the EGX will set up in the coming days a committee that will work on attracting new companies by informing them of the benefits of registering.

Separately, Egyptian Prime Minister Sherif Ismail on Aug. 6 appointed Mohamed Farid Saleh the new chairman of the EGX, replacing Mohamed Omran, whose four-year term will end in the week of Aug. 7, Reuters said.