Regulatory Alerts2018-01-01
Board of Directors Decision No. (136) of 2018
The Financial Regulatory Authority (FRA) issued Decision No. 136 of 2018 to amend the Egyptian Exchange's listing and delisting rules by introducing Article 44 bis. This amendment prohibits two companies under the actual control of the same natural or legal persons from cross-holding more than 10% of each other's shares or Global Depositary Receipts, defining actual control as owning 50% or more of shares or voting rights. The decision applies prospectively to existing shareholdings only if ownership percentages are not increased, and it takes effect the day after publication in the Egyptian Gazette.
Share