Regulatory Alerts2011-01-01
Board of Directors Decision No. (81) of 2011 on Listing Rules for Securities Issued by Small and Medium Enterprises
The Egyptian Financial Supervisory Authority (EFSA) issued Decision No. 81 of 2011 to establish listing rules for securities of small and medium enterprises (SMEs) on the Egyptian Exchange. The regulation defines SMEs as joint stock companies with issued capital not exceeding 50 million EGP initially and 100 million EGP subsequently, and mandates minimum listing conditions including a 10% public float, 25% retention by founders and board members for two years, at least 25 shareholders, and 100,000 listed shares. It further requires accredited sponsor undertakings, five-year profit forecasts, full capital payment commitments, and specifies disclosure publication timelines on exchange screens and websites while repealing the previous 2007 SME listing decision.