Regulatory Alerts2017-01-01
Board of Directors Decision No. 147 of 2017 Amending Decision No. 54 of 2016 on Exemptions from Mandatory Purchase Offers under Article 356 of the Capital Market Law Executive Regulations
The Egyptian Financial Supervisory Authority issued Board Decision No. 147 of 2017 to amend Decision No. 54 of 2016 regarding exemptions from mandatory purchase offers under Article 356 of the Capital Market Law Executive Regulations. The amendment introduces a new exemption clause allowing companies to repurchase treasury shares without triggering a mandatory offer obligation, provided the transaction increases shareholder ownership or voting rights to the mandatory threshold and affected shareholders abstain from voting on the matter. The decision simultaneously repeals Decision No. 81 of 2013 and mandates publication on the Authority’s and Egyptian Exchange’s websites for immediate implementation.
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