Egypt mulls turning its bourse into a joint stock company 

(MENAFN) Egypt government is mulling privatizing its long-controlled stock exchange, state news agency MENA reported.

MENA quoted Ashraf El-Sharqawy, head of Egyptian Financial Supervisory Authority (EFSA) as saying the proposal is about changing the legal structure of the bourse.

Banks, financial institutions, brokerage companies and individual investors could be shareholders in the new structure of the bourse, but the state will hold a majority stake, according to the draft proposal.

Ahram Online cited Mohamed Omran, chairman of Egypt's stock exchange as saying that the proposal allows more flexibility and accountability, adding that it will be a political decision.

Official data showed that in the first half of 2012, 96.5 billion shares were traded on the Egyptian bourse, which was founded in 1883, or an average turnover of USD2.3 billion.