Regulatory Alerts2021-01-01
Board of Directors Decision of the Authority No. (172) of 2021 Amending Board of Directors Decision No. (11) of 2014 on Rules for Listing and Delisting Securities on the Egyptian Exchange
The Financial Regulatory Authority (FRA) Board of Directors Decision No. (172) of 2021 amends the rules for listing and delisting securities on the Egyptian Exchange, primarily by introducing new provisions for Special Purpose Acquisition Companies (SPACs). It mandates the listing of SPAC shares and their offering within one month of registration, while exempting them and their target companies (especially startups or those in promising sectors) from certain standard listing requirements. The decision also stipulates that SPAC shares will be delisted if an acquisition is not executed within two years of capital increase or if the required voting approval for the acquisition is not achieved.
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