Pharos Holdings bid for NDC’s upcoming EGX listing

Pharos Holdings is reportedly bidding to manage the National Drilling Company’s (NDC) upcoming share offering on the EGX, which is necessary for the company to meet new listing regulations handed down by the Egyptian Financial Supervisory Authority (EFSA) in July, sources tell Al Mal. The new regulations — former EFSA Chairman Sherif Samy’s parting gift — stipulate that listed companies have at least 5% of their share in freefloat or face delisting. The NDC is wholly-owned by Chairman Ahmed Rashad and his family, the newspaper notes. EFSA had named 30 companies that need to comply with the amendments, including the NDC, Orange Egypt, QNB, Bank ABC, and the National Cement Company.