EGX keeps fining late filers as overdue financial statements pile up
· Egyptian market news
The EGX’s listing committee fined roughly 50 companies a combined EGP 1.04 mn last week for missing financial statement deadlines. Youm7 each fined EGP 40k
Orascom Investment was late on its annuals, too: a bourse filing (pdf)
The rules (pdf) give companies 45 days from the end of each quarter to submit their standalone and consolidated financial statements to the EGX and FRA
Miss either, and Article 64 of the executive procedures hands the listing committee a menu:
The fee isn’t what keeps companies on schedule:
Blue chips and large caps generally file on time; delays sit with small and mid caps
At the low end, the fee almost disappears: listing committee fined 18 companies
The company doesn’t blink
Digitize for Investment and Technology has been fined four times since early July, and the list of statements it owes keeps growing EGP 10k EGP 20k here here
The stock barely moved: to market data came out yesterday
This isn’t a case of Digitize falling between regulatory cracks:
REFRESHER- moved up from the EGX’s SME market
The fine hits the wrong party
“The EGP 40k fine is negligible
Personal liability would bite where it’s needed most: on the companies that stopped filing altogether.
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