An affiliate with the Commercial International Bank of Egypt (CIB) transferred the issuance of 51,309 certificates of deposit to the Commercial International Bank, in exchange for the equivalent local shares of the CIB, the Egyptian Stock Exchange announced in a statement.
The stock exchange’s disclosure comes in implementation of the provisions of Article #8 regarding the rules for issuing and transferring foreign certificates of deposit for securities listed on the Egyptian Stock Exchange, and approved by the Financial Regulatory Authority (FRA), per the authority’s letter dated March 3, 2013.
The Stock Exchange shall disclose at the end of each week the number and percentage of transfers of local shares and foreign certificates of deposit for each company listed on the Stock Exchange, the statement said, as well as the current balance of foreign certificates of deposit and the corresponding number of shares.
