CASE to de-list Mahmoudia Contracting
The Cairo and Alexandria Stock Exchange (CASE) registration committee has advocated the de-listing of building, construction and civil Engineering company Mahmoudia Contracting (MGCC)’s shares from the market, reported Al-Alam Al-Youm.
The recommendation is a result of MGCC’s refusal to post its financial results and to abide by transparency regulations, stated the committee. The company’s share price fell by 2.76 percent to 2.11 Egyptian pounds ($.46) after the announcement, with 22,000 shares changing hands.
CASE experienced a 37 percent fall last year, making its performance the worst in the Arab world, according to the Federation of Arab Banks. Established over a century ago, Egypt's Stock Exchange is comprised of two exchanges, Cairo and Alexandria, both of which are governed by the same board of directors and share the same trading, clearing and settlement systems. The number of companies listed on the stock exchange reached 1,136 at the end of June 2002, up from 833 back in 1998. — (menareport.com)
© 2002 Mena Report (www.menareport.com)