Secondly, the FRA mandated that, in order for a company to maintain its listing, the amount of free floating shares
shall not fall below 10 percent or 0.00125 percent of the total EGX free float representing at least five percent of the company's capital.
The maximum limit for short selling for the broker is up to three per cent of free floating shares
of any company, whereas for each account holder, 0.5pc of the free float is the maximum limit.
Egypt aims to raise EGP 8-10bn ($450m-$560m) from floating shares
in state-owned companies in fiscal year (FY) 2018/2019, Deputy Finance Minister Ahmed Kouchouk said in July.
FILE - Minister of Finance Mohamed Ma'it CAIRO -- 5 August 2018: Egypt aims to achieve a growth rate of 7 percent during fiscal year 2021-2022 and to start floating shares
of 23 companies on the Egyptian Exchange (EGX), according to Minister of Finance Mohamed Ma'it.
The Egyptian government seeks to raise between EGP 8 and EGP 10 billion ($450-$560 million) from floating shares
in state-owned companies in fiscal year 2018/2019.
The company, according to highly placed sources at the Capital Market Authority, has sought approval for floating shares
The state has also recently moved to make floating shares
more lucrative to local family-owned conglomerates.
According to the company, it will use the fund to support interested investors in generating greater liquidity of its stock in the market, buying stocks when needed, selling stock when there is excess of demand as well as to increase the turnover of the floating shares
The aim of this fund is to increase the turnover of the floating shares
and it is not intended to decrease or increase the current number of shares in the market.
Now, the current majority owner of the Auburn Hills, Mich.-based carmaker, Italy's Fiat SpA (BIT:F), reportedly wants to make Chrysler public once again by floating shares
, either separately from Fiat or as a combined company.
Cathay and Fubon plan to raise NT$40 billion (US$1.33 billion) each and SinoPac NT$30 billion (US$1 billion), via floating shares
through GDR or ECB or by cash capital increase.
Meanwhile, the Managing Director for Finance of Merukh Enterprise Janny Utami said the company will launch IPO floating shares
in the Singapore and Australia's Stock Exchanges.