{"id":573998,"date":"2020-08-26T04:19:59","date_gmt":"2020-08-26T04:19:59","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/26\/egx-to-purchase-30-of-commodities-exchange-management-company\/"},"modified":"2020-08-26T04:19:59","modified_gmt":"2020-08-26T04:19:59","slug":"egx-to-purchase-30-of-commodities-exchange-management-company","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/26\/egx-to-purchase-30-of-commodities-exchange-management-company\/","title":{"rendered":"EGX to purchase 30% of commodities exchange management company"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>EGX to claim 30% ownership of commodities exchange; who will own the futures <\/strong><strong>exchange still <\/strong><strong>to be determined: <\/strong>The EGX is staking its claim to the as of yet unestablished commodities exchange, according to statements by EGX Chairman Mohamed Farid picked up by <a href=\"https:\/\/bit.ly\/3gtxnq4\">Al Mal<\/a>. The EGX will hold a 30% stake in the exchange. The EGX\u2019s stake is part of the government\u2019s 50% ownership share in the new exchange, with other shareholders set to include the General Authority For Supply Commodities (GASC), the Internal Trade Development Authority (ITDA), and the Egyptian Holding Company for Silos and Storage, according to previous statements by <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/75cc4fe3-c649-41cd-83b3-f999dec7badc\">Supply Minister Ali El Moselhy<\/a>.<\/p>\n<p><strong>49% of the EGP 100 mn exchange will be held by (mostly state-owned) commercial and <\/strong><strong>investment banks<\/strong><strong>, as well as a host of other state and quasi-state entities<\/strong>, such as Misr for Central Clearing, Depository and Registry (MCDR), the state Insurance Holding Company, the Federation of Egyptian Chambers of Commerce. State-owned banks expected to hold those shares include Banque Misr, the National Bank of Egypt, and the Agricultural Bank of Egypt. EFG Hermes and CIB are the two standouts from the private sector said to be likely to take a stake.<\/p>\n<p><strong>But Enterprise, wasn\u2019t the commodities exchange already established in March? No it wasn\u2019t. <\/strong>The <a href=\"https:\/\/almalnews.com\/%D8%A7%D9%84%D8%A7%D9%86%D8%AA%D9%87%D8%A7%D8%A1-%D9%85%D9%86-%D8%AA%D8%A3%D8%B3%D9%8A%D8%B3-%D8%B4%D8%B1%D9%83%D8%A9-%D8%A7%D9%84%D8%A8%D9%88%D8%B1%D8%B5%D8%A9-%D8%A7%D9%84%D8%B3%D9%84%D8%B9\/\">domestic press appears to have jumped the gun<\/a> on this back in March. The latest statements by Farid indicate that the ownership stakes have yet to be determined, as is the establishment of the exchange\u2019s electronic trading platform. A final decision on which commodities will be traded still hasn\u2019t been made, although ITDA head Ibrahim Ashmawy assures Al Mal that this \u201cis happening soon.\u201d<\/p>\n<p><strong>We\u2019re waiting to hear back from the EGX<\/strong> on whether <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/75cc4fe3-c649-41cd-83b3-f999dec7badc\">trading in the exchange will start in September<\/a> as earlier announced.<\/p>\n<p><strong>Background: <\/strong>The <a href=\"http:\/\/www.egycomex.com\/\">Egyptian Commodity Exchange<\/a> was given the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/75cc4fe3-c649-41cd-83b3-f999dec7badc\">greenlight by the Cabinet<\/a> in January. The exchange was expected to initially trade in six commodities \u2014 wheat, rice, corn, potatoes, onions, and oranges. It is unclear whether these commodities will underpin the as of yet established commodities future exchange.<\/p>\n<p><strong>And speaking of the futures exchange<\/strong>, a meeting yesterday to set the regulations governing it has yet to determine whether the private sector will be allowed to own shares. One thing that was made clear is that 75% of shares in the exchange \u2014 which will launch derivatives trading in Egypt \u2014 must be held by one or more financial institutions, whether they be state-owned or private, according to <a href=\"https:\/\/ent.news\/2020\/8\/FRA-Statement-Futures-Meeting_AR.pdf\">statements by FRA chief Mohamed Omran (pdf)<\/a> at the meeting. The meeting was attended by MCDR, the EGX, as well as private-sector commercial and investment banks, insurance companies and representatives from the EBRD and the International Finance Corporation. Omran closed out the meeting by forming a working group to draft the regs and guidelines for the exchange. It is still unclear when this will be launched.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>EGX to claim 30% ownership of commodities exchange; who will own the futures exchange still to be determined: The EGX is staking its claim to the as of yet unestablished commodities exchange, according to statements by EGX Chairman Mohamed Farid picked up by Al Mal. The EGX will hold a 30% stake in the exchange. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[3360,5761,576,571,84,68,2319,72,76,3729,2326,2221,248,2380,777],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-573998","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-agricultural-bank-of-egypt","tag-ali-moselhy","tag-banque-misr","tag-ebrd","tag-efg-hermes","tag-egx","tag-egyptian-commodities-exchange","tag-enterpriseam","tag-financial-regulatory-authority","tag-ibrahim-ashmawy","tag-internal-trade-development-authority","tag-mohamed-farid","tag-national-bank-of-egypt","tag-speed-round","tag-supply-ministry","wpautop","entry"],"acf":{"mongo_id":"88e9bc9b-d75b-4884-bf0e-79d4b04dbfec","is_powered_by":true,"section_story_id":"e08c1820-6d36-4157-9988-c820f99c21fb","story_type":"1","photo_url":"","photo_position":"above","related_issue":[573991],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>EGX to purchase 30% of commodities exchange management company - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/26\/egx-to-purchase-30-of-commodities-exchange-management-company\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EGX to purchase 30% of commodities exchange management company\" \/>\n<meta property=\"og:description\" content=\"EGX to claim 30% ownership of commodities exchange; who will own the futures exchange still to be determined: The EGX is staking its claim to the as of yet unestablished commodities exchange, according to statements by EGX Chairman Mohamed Farid picked up by Al Mal. 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The exchange will be managed by a company that is to be 50% owned by the General Authority For Supply Commodities, the Internal Trade Development Authority, the Egyptian\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/539.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574390,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/08\/ibrahim-ashmawy-appointed-chairman-of-forthcoming-commodity-exchange\/","url_meta":{"origin":573998,"position":1},"title":"Ibrahim Ashmawy appointed chairman of forthcoming commodity exchange","author":"enterpriseam admin","date":"8 September 2020","format":false,"excerpt":"Egypt\u2019s new commodity exchange just got a new chairman as we inch closer to launch: Internal Trade Development Authority Chairman Ibrahim Ashmawy has been selected to lead Egycomex, the new commodity exchange, according to Hapi Journal. Ashmawy told the newspaper that the structural and administrative frameworks for the exchange are\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":574462,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/10\/beltone-ci-capital-and-efg-hermes-will-hold-stakes-in-the-commodities-exchange\/","url_meta":{"origin":573998,"position":2},"title":"Beltone, CI Capital and EFG Hermes will hold stakes in the commodities exchange","author":"enterpriseam admin","date":"10 September 2020","format":false,"excerpt":"Beltone, CI Capital and EFG Hermes will hold stakes in the new Egyptian Commodities Exchange (Egycomex), exchange boss Ibrahim Ashmawy tells us, though he did not outline who will own how much. Their shares will be part of a 49% ownership stake that will be held along with state banks\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/9\/125.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575831,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/28\/egycomex-to-begin-trading-in-wheat-in-1h2021\/","url_meta":{"origin":573998,"position":3},"title":"Egycomex to begin trading in wheat in 1H2021","author":"enterpriseam admin","date":"28 October 2020","format":false,"excerpt":"Egypt\u2019s Commodities Exchange (Egycomex) will begin trading in the first half of 2021 and will launch with only wheat as a tradeable commodity, newly-appointed chairman Ibrahim Ashmawy told the local press. Ashmawy previously told us that traders would be able to buy and sell wheat, oil, sugar, and rice when\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/294.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594148,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/21\/egyptian-commodity-exchange-company-to-be-established-next-month\/","url_meta":{"origin":573998,"position":4},"title":"Egyptian Commodity Exchange company to be established next month","author":"enterpriseam admin","date":"21 October 2019","format":false,"excerpt":"EGX, Supply Ministry to set up company to manage commodities exchange next month: The Egyptian Stock Exchange (EGX) and the Supply Ministry will establish a company to manage the Egyptian Commodity Exchange in November after it completed the feasibility study for the exchange yesterday, sources told the local press. The\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569749,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/05\/egyptian-commodity-exchange-set-up-with-egp-100-mn-in-capital\/","url_meta":{"origin":573998,"position":5},"title":"Egyptian Commodity Exchange set up with EGP 100 mn in capital","author":"enterpriseam admin","date":"5 March 2020","format":false,"excerpt":"The company that will manage the Egyptian Commodity Exchange is now officially a thing: The company tasked with managing the forthcoming Egyptian Commodity Exchange has been established by the Internal Trade Development Authority (ITDA), the authority\u2019s head Ibrahim Ashmawy told Al Mal. The company has starting capital of EGP 100\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/573998","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=573998"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/573998\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/573991"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=573998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=573998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=573998"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=573998"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=573998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}