Financial Regulatory Authority

FINANCIAL REGULATORY AUTHORITY

---

Chairman of the Authority

Board of Directors Decision No. (12) of 2020 dated 23/6/2020

Amending Board of Directors Decision No. (11) of 2014 Regarding the Rules for Listing and Delisting Securities on the Egyptian Exchange

---

Board of Directors of the Financial Regulatory Authority

Having reviewed the Capital Market Law issued by Law No. (95) of 1992 and its executive regulations; And Law No. (10) of 2009 regulating supervision over non-banking financial markets and instruments; And Presidential Decree No. (191) of 2009 regarding the provisions governing the management and financial affairs of the Egyptian Exchange; And Presidential Decree No. (192) of 2009 issuing the Statute of the Financial Regulatory Authority; And Board of Directors Decision No. (11) of 2014 regarding the rules for listing and delisting securities on the Egyptian Exchange;

And after approval by the Authority's Board of Directors in its meeting held on 23/6/2020;

---

Decision

(Article One)

A fifth paragraph is added to Article (55) of the Rules for Listing and Delisting Securities on the Egyptian Exchange issued by Board of Directors Decision No. (11) of 2014, with the following text:

As an exception to the ruling of Item (1) of the first paragraph of this Article, it shall suffice for the company's board of directors to issue a decision to proceed with delisting procedures in the event of mandatory takeover bids, provided that execution of such bids results in the bidder alone or together with its related parties holding 75% or more of the share capital, provided that these bids disclose the bidder's intention to delist the security. The company shall be obligated to purchase the shares of dissenting shareholders who did not respond to the buyout offer, at the same buyout offer price, should these shareholders wish to sell within the six months following the execution of the offer, with the selling price after the expiration of the aforementioned six months being as stated in Item (2) of the first paragraph of this Article.

(Article Two)

This Decision shall be published in the Egyptian Gazette and on the websites of both the Authority and the Egyptian Exchange, and shall take effect from the day following its publication in the Egyptian Gazette.

---

Chairman of the Board of Directors
Financial Regulatory Authority

Dr. Mohamed Omran
47.76

---

ARAB REPUBLIC OF EGYPT
FINANCIAL REGULATORY AUTHORITY

Building Bridges not Walls
We Build Bridges, Not Barriers

---

Smart Village, Building 136, Giza, Egypt
Postal Code: 110
Telephone: +202 35345350
Fax: +202 35370061
WWW.FRA.GOV.EG