EGX issues new regs governing rights issues for OTC market companies

The EGX has issued new regulations governing the transfer of rights issues during the capital increase of non-listed companies whose securities trade on the over-the-counter (OTC) market. Under the regs, these companies must open the door for shareholders to transfer rights issues as soon as the company publicly announces a capital increase and at least five days prior to opening subscriptions, according to an EGX statement.