The Clap
The Financial Regulatory Authority (FRA) has lifted the special measures put in place for companies listed on the stock exchange that wanted to purchase their own shares (aka treasury shares).
What
When the pandemic hit in March of 2020, the FRA allowed listed companies to notify the EGX on the same day they wanted to buy treasury shares, provided the purchase did not exceed 10% of the company’s shares.
So what
This came among other special measures the FRA took back then in light of sharp falls to the EGX amid the initial reactions to the pandemic.
Now what
Prior to that decision, listed companies needed to notify the EGX at least three business days before executing a share buy-back, & that’s what will be effective now.
