Egypt’s property developer Marseilia Group plans to make a jump transition from trading its shares on the country’s small and medium-size enterprises stock exchange (NILEX) to join the Egyptian Exchange (EGX), its chairman said on Sunday.
The company is currently working on completing the paperwork it needs to move trading to the main market, Marseilia chairman Sherif Heliw told local press.
Heliw said the company plans a capital increase to meet the minimum 100 million Egyptian pounds ($6.35 million) required for resident companies on the EGX.
In 2019, the company raised its capital by 12 million pounds to 72 million pounds.
Marseilia will be the second company to make the jump after Speed Medical, which moved its trading from NILEX to EGX in December last year.
In 2010, Egypt launched the NILEX with the goal of helping promising SMEs obtain the finance necessary to expand and grow, which should increase their ability to compete and provide more jobs.
