Egypt's stock exchange -- the fourth oldest in the world -- faces privatisation under a new proposal, Ahram Online reported Tuesday (August 14th).

According to the Egyptian Financial Supervisory Authority (EFSA), a draft proposal would change the legal structure of the bourse, granting shareholder status to banks, financial institutions, brokerage companies and individual investors.

"This requires parliamentary legislation, so we will wait until a new parliament is elected," said EFSA head Ashraf al-Sharqawy.

Under the proposal, the government will still hold a majority stake, meaning that the exchange's control systems will remain the same, said former bourse chairman Mohamed Abdel-Salam.