{"id":574462,"date":"2020-09-10T04:09:13","date_gmt":"2020-09-10T04:09:13","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/10\/beltone-ci-capital-and-efg-hermes-will-hold-stakes-in-the-commodities-exchange\/"},"modified":"2020-09-10T04:09:13","modified_gmt":"2020-09-10T04:09:13","slug":"beltone-ci-capital-and-efg-hermes-will-hold-stakes-in-the-commodities-exchange","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/10\/beltone-ci-capital-and-efg-hermes-will-hold-stakes-in-the-commodities-exchange\/","title":{"rendered":"Beltone, CI Capital and EFG Hermes will hold stakes in the commodities exchange"},"content":{"rendered":"

<\/a> Beltone, CI Capital and EFG Hermes will hold stakes in the new Egyptian <\/strong>Commodities Exchange <\/strong>(<\/strong>Egycomex<\/a><\/strong>)<\/strong>, 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 the National Bank of Egypt, Banque Misr and the Agricultural Bank of Egypt, he said. The \u0650EGX, Misr Holding Insurance, and Misr for Central Clearing, Depository and Registry, and a host of Supply Ministry companies will own the remaining 51% of the exchange. EGX Chairman Mohamed Farid<\/a> had previously hinted that the EGX would own 30% of the exchange.<\/p>\n

We spoke with Ashmawy after news emerged that the company that will operate <\/strong>the long-awaited exchange is now up and running<\/strong>, according to a Supply Ministry announcement yesterday<\/a>. Egycomex has been in the works since February 2018<\/a>, when it was made possible due to amendments made to the Capital Markets Act. Newly-appointed<\/a> chairman Ashmawy answered some of the most important questions we\u2019ve had on this in the lead-up to the announcement including:<\/p>\n

When will trading begin?<\/strong> Trading is likely to kick off in 1Q or 2Q2021, Ashmawy said. Unconfirmed reports earlier this year<\/a> claimed that the ministry originally planned to launch trading in September.<\/p>\n

What commodities will be traded? <\/strong>Traders will initially be able to buy and sell wheat, oil, sugar, and rice, Ashmawy said, though he noted that even those goods are not set in stone. The shareholders are currently studying other options and will increase the number of tradable goods after the Egycomex launches. The exchange was expected to initially trade in six commodities: wheat, rice, corn, potatoes, onions, and oranges.<\/p>\n

Spot contracts only \u2014 for now: <\/strong>Futures and options are both off the table for now, but that could be something that will happen later, EGX chairman Mohamed Farid said yesterday, echoing statements both he<\/a> and Ashmawy<\/a> had made earlier this year. This means investors will be limited to trading spot contracts.<\/p>\n

For that, we may have to wait for updates on the upcoming futures exchange<\/strong>, which appears to be still some way away. In a meeting late last month, the Financial Regulatory Authority formed a working group to begin developing the regulations and guidelines covering the exchange. We\u2019ve been getting encouraging signals from FRA boss Mohamed Omran and deputy chairman Khaled El Nashar<\/a> that the private sector will hold shares in the futures exchange.<\/p>\n

Advisors: <\/strong>ALC Alieldean Weshahi & Partners<\/a> is legal counsel on the establishment of Egycomex.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 the National Bank of Egypt, […]<\/p>\n","protected":false},"author":1,"featured_media":574463,"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":[68,2319,72,550,3174,2380,132],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-574462","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-egx","tag-egyptian-commodities-exchange","tag-enterpriseam","tag-gasc","tag-misr-for-central-clearing-depository-and-registry","tag-speed-round","tag-trade","wpautop","entry"],"acf":{"mongo_id":"f5b51152-7fc0-4084-8b84-8a767cb6260a","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/9\/125.jpg","photo_position":"above","related_issue":[574457],"teaser":"","voice_url":""},"yoast_head":"\nBeltone, CI Capital and EFG Hermes will hold stakes in the commodities exchange - 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\/09\/10\/beltone-ci-capital-and-efg-hermes-will-hold-stakes-in-the-commodities-exchange\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Beltone, CI Capital and EFG Hermes will hold stakes in the commodities exchange\" \/>\n<meta property=\"og:description\" content=\"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. 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Ashmawy previously told us that traders would be able to buy and sell wheat, oil, sugar, and rice when\u2026","rel":"","context":"In "Speed Round"","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":573998,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/26\/egx-to-purchase-30-of-commodities-exchange-management-company\/","url_meta":{"origin":574462,"position":1},"title":"EGX to purchase 30% of commodities exchange management company","author":"enterpriseam admin","date":"26 August 2020","format":false,"excerpt":"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\u2026","rel":"","context":"In "Speed Round"","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":574462,"position":2},"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 "Speed Round"","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":568249,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/23\/groundhog-day\/","url_meta":{"origin":574462,"position":3},"title":"Groundhog day","author":"enterpriseam admin","date":"23 December 2020","format":false,"excerpt":"The launch of the long-awaited commodities exchange (Egycomex) has again been delayed, after Internal Trade Development Authority (ITDA) Chairman and Egycomex head Ibrahim Ashmawy told Al Mal that it now won\u2019t be seeing the light of day until the second half of 2021. Sources had initially hinted at a September\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/392.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574598,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/15\/egypts-commodities-exchange-could-be-expanded-to-include-gold-steel-cotton\/","url_meta":{"origin":574462,"position":4},"title":"Egypt\u2019s commodities exchange could be expanded to include gold, steel, cotton","author":"enterpriseam admin","date":"15 September 2020","format":false,"excerpt":"Gold, steel, and cotton could eventually be on the menu for Egypt\u2019s commodities exchange: The new Egyptian Commodities Exchange (Egycomex) could expand its tradable commodities to include non-food items such as gold, steel and cotton after trading begins in the first half of next year, exchange boss Ibrahim Ashmawy told\u2026","rel":"","context":"In "Speed Round"","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":574085,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/30\/commodity-exchange-structure-is-still-debatable-sources\/","url_meta":{"origin":574462,"position":5},"title":"Commodity exchange structure is still debatable \u2013 sources","author":"enterpriseam admin","date":"30 August 2020","format":false,"excerpt":"The private sector will get a piece of the new futures exchange even as gov\u2019t agencies scramble for their share: Last Tuesday\u2019s meeting called by the Financial Regulatory Authority (FRA) saw the EGX, CBE, and Misr for Clearing, Depository and Registry (MCDR) vie for ownership of the futures exchange, sources\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/8\/237.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/574462","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=574462"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/574462\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/574457"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/574463"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=574462"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=574462"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=574462"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=574462"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=574462"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}