The Egyptian Exchange (EGX) will launch next Thursday, April 30, the first electronic system for direct disclosure of companies, where the listed companies will be able to post their disclosure reports directly to the trading screens.

Dr. Mohammad Omran, EGX Chairman, said it is an important strategic step for the Egyptian market: “I expect a positive effect on the Egyptian market’ evaluation and therefore attracting more investments".

Omran said that this move focuses on improving the investment climate and increasing the Egyptian market competitiveness among the emerging markets.

"We send a clear message for investors that disclosure and transparency are a first priority for EGX’ management," he said.

The electronic system reduces the time and effort required for companies to disclose their material news, and reduces errors caused by human intervention.

It also enables investors to identify the companies’ developments and their financial positions instantly at the same time for all of them.

EGX has conducted testing to ensure the system’ efficiency and effectiveness during the last three months, where the application of that system will begin on 33 companies representing EGX 30 index in addition to 3 other companies, which are the companies that have passed all of the technical and technological tests successfully.

The application of the system will be expanded gradually for the rest of the listed companies when they complete their technological structure.

Omran said the size of disclosures has jumped from an average of 5400 Disclosure to 9300 during the last three years: “It was not confined only to an increase in the quantitative side, but we are more care to raise the quality of disclosures offered for investors.”

“I’m proud that the new system has been implemented internally by EGX IT officials, which indicates the degree of efficiency enjoyed by EGX on the technological level, and I think we will be able to provide that system for a number of other countries in the coming period,” he said.