News

DSCW (Dice Sport & Casual Wear) To Hire Advisor To Prepare Fair Value Report

22 Mar 2021

The FRA (Financial Regulatory Authority) has ordered DSCW to prepare a fair value report by 20 April 2021 in light of the unjustified drop in its share price since 22 February 2021. The FRA demanded that DSCW hire one of the financial consultants that are registered with the FRA to prepare the fair value report. In light of this development, the FRA has decided to continue the suspension on the trading of DSCW’s shares until they hire an independent financial consultant.

The FRA’s order is based on a regulation in the Egyptian Stock Exchange’s rules for the listing and delisting of stocks. The regulation states that the FRA can require a listed company to submit a fair value report for their stock if there is a movement in one direction of more than 50% during a period no longer than three months, or a movement in one direction of more than 75% during a period no longer than six months. If this movement is not in line with the movement of the market’s indices or the stock’s sector, the company’s results, or material news that explain this movement, then the FRA has the right to demand a fair value report from the company. (Source: FRA Filing, Mubasher Website, al-Mal Newspaper, Hapi Journal, Enterprise)

 

 

 

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