Information Technology Industry Development Agency (ITIDA) organized a meeting with companies applying for the registration at Nilex Stock Exchange for small and medium enterprises (SMEs) and a number of accredited sponsors in charge of helping the applying companies to submit their documents at the Stock Exchange, and also are in charge of companies' commitment to the rules and standards of registry and disclosure for a period not less than two years starting from the date of registration.
Chairmen and decision-makers of 78 Egyptian ICT companies were invited to the meeting.
These companies registered at the Agency website to benefit from the sponsorship program according to which ITIDA bears 80% of the companies’ registry and sponsorship at the Stock Exchange, thus encouraging the registry process.
As a result of the meeting, three companies have started procedures to conclude contracts with sponsors at Nilex Stock Exchange. More companies are expected to proceed with their registration at the Stock Exchange starting from coming September.
Attended by Nilex Stock Exchange representatives, the main objective of the meeting is to explain the criteria of selection and contract procedures with each company. This is to qualify the applying company to the registration at the Stock Exchange while orienting the company with the rules and standards of registry and disclosure.
It is worth mentioning that the meeting took place at ITIDA headquarters at Smart Village.
Nilex representatives displayed a number of presentations about the advantages and the registry procedure at the Stock Exchange, the sponsor’s responsibilities and the registered company’s commitments, Nilex regulations and exchange system. Sponsors also had their presentations about their companies, their expertise in financial consultancy, Nilex Stock Exchange and success stories as well.
When it comes to the terms and conditions, ITIDA offers consultancy services for both companies and sponsors. ITIDA also explains to the companies the required steps to obtain the Agency’s support. During the meeting, it has been announced the companies’ exemption from the registration fees at Nilex Stock Exchange till December 2012.
ITIDA’s CEO, Mr. Yasser El-Kady points out that supporting ICT companies especially the small and medium enterprises (SMEs) comes on top of the Agency priorities.
SMEs are of such a great value to the national economy, as they contribute with around 75% of the economic development and 80% of employees, however, they often face funding problems when the company aspires to further expansion or access new markets, he adds.
There are 22 SMEs of different industries and sectors currently registered at Nilex Stock Exchange. 3 of them are ICT specialized companies. They are listed as follows: Pharaoh Tech for Control and Communication Systems, Al-Moasher for software, and Masria Card.
Nilex Stock Exchange is established since the end of 2007, while the exchange took place in 2010.
Nilex is the first stock market targeting the support and development of SMEs in the Middle East and North Africa regions, by providing the necessary funds for expansion and development in a way that can enhance their competitiveness and maximize job opportunities.
