Regulatory Alerts2017-01-01
Board of Directors Decision No. (96) of 2017
The Egyptian Financial Supervisory Authority issued Board of Directors Decision No. (96) of 2017 to amend the Rules for Listing and Delisting Securities on the Egyptian Exchange. The decision mandates that major shareholders of listed companies retain at least 51% of their shares (minimum 25% of listed shares) for two financial years, with specific transfer conditions and free-float purchase obligations upon delisting. It also establishes a mandatory delisting procedure for companies failing to meet listing continuation criteria, requiring a six-month compliance plan, suspension of trading, and exchange-funded buyouts of free-float shares at fair value.
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