The ratio of GDRs to total shares must not exceed the ratio of a company’s free float in Egypt to its total shares, according to a decree posted on the Egyptian Exchange website. The rule is applied in addition to existing limit for GDRs to represent up to a third of a company’s total shares. Most companies with GDR programs are not affected by the rule change, Chairman of the Egyptian Financial Supervisory Authority (EFSA) Sherif Samy, said. (Bloomberg)
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