National Drilling Company announced that it will commit itself to regularize its status in the Egyptian Exchange (EGX) upon the letter of Egyptian Financial Supervisory Authority within 6 months, reported Al Mal News.
The company said in a statement to the EGX, “We shall take all legal measures to comply with requirements within a maximum period of 6 months.”
National Drilling Company called for the holding of the general assembly to take the first step in regularization and implementation of shares acquisition.
Delay in approving balance sheet is ascribed to the Kuwaiti stockholder’s intent to exit from the company as it owns a governing stake, which led to delay in holding the meetings of board of directors and general assembly.
In related news, three investment banks, CI Capital, Beltone Financial, and Arqaam Capital were competing for Engineering Company for the Petroleum and Process Industries (ENPPI)’s initial public offering (IPO). The banks plan to submit offers to the state-owned NI Capital, which is responsible for the government’s IPOs program.