Regulatory Alerts2020-01-01
Board of Directors Decision No. (12) of 2020 Amending Decision No. (11) of 2014 Regarding Listing and Delisting Rules on the Egyptian Exchange
The Financial Regulatory Authority of Egypt issued Board Decision No. (12) of 2020 to amend the listing and delisting rules for the Egyptian Exchange. The amendment introduces a fifth paragraph to Article 55, allowing companies to proceed with delisting after a mandatory takeover bid if the bidder and related parties acquire 75% or more of the share capital, provided the bid discloses the delisting intent. Furthermore, the decision mandates that companies must purchase shares from dissenting shareholders who did not tender at the original offer price within six months, with post-six-month sales priced according to the existing regulatory framework.
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