Regulatory Alerts2021-01-01
Decision of the Board of Directors No. (28) of 2021
The Financial Regulatory Authority issued Decision No. (28) of 2021 to amend Decision No. (11) of 2014 regarding the listing and delisting rules for securities at the Egyptian Exchange. This amendment adds a second paragraph to Article 41, prohibiting target company boards from convening ordinary or extraordinary general assemblies between the publication of the Authority's approval of a takeover offer and the announcement of its results. It also adds a third paragraph to Article 48, requiring companies seeking to split share nominal values to notify the Authority of their reasons and allowing them to proceed with general assembly proceedings if no objection is raised within two working days.
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