Regulatory Alerts2019-01-01
Decision of the Authority's Board of Directors No. (158) of 2019
The Financial Regulatory Authority (FRA) issued Decision No. 158 of 2019 to partially suspend the Ordinary General Assembly resolutions of Suez Canal for Technology Connection Company, specifically halting the appointment of its board of directors for a new three-year term. Rejecting the remaining suspension requests from a 5% shareholder, the FRA grounded its ruling in Article 10 of the Capital Market Law No. 95 of 1992. The decision becomes effective the day following its issuance and directs all competent authorities to implement the partial suspension accordingly.
Financial Regulatory Authority
FINANCIAL REGULATORY AUTHORITY
Chairman of the Authority
Decision of the Board of Directors of the Financial Regulatory Authority
No. (158) dated 21/11/2019
Concerning the suspension of the decision of the Ordinary General Assembly
of Suez Canal for Technology Connection Company, convened on 28/11/2018
Board of Directors of the Financial Regulatory Authority
After reviewing the Capital Market Law issued by Law No. 95 of 1992 and its executive regulations;
and Law No. 10 of 2009, concerning the regulation of supervision over non-banking financial markets and instruments;
and Presidential Decree No. 192 of 2009, concerning the Basic Statute of the Financial Regulatory Authority;
and the request submitted by one of the company's shareholders, whose share reaches 5% of the company's capital, to suspend the decisions
of the Ordinary General Assembly of Suez Canal for Technology Connection Company, convened on 28/11/2018;
and the memorandum prepared by the Central Administration for Corporate Courts at the Authority, dated 19/11/2019;
and the approval of the Authority's Board of Directors at its meeting held on 21/11/2019.
Has Decided
(Article One)
Approving the suspension of Decision No. (7) of the Ordinary General Assembly of Suez Canal for Technology Connection Company, convened
on 28/11/2018, regarding the formation of the company's board of directors for a new term of three years, and rejecting
the suspension of the remaining decisions of the Assembly, in accordance with the provisions of Article No. (10) of the Capital Market Law issued
by Law No. 95 of 1992.
(Article Two)
This decision shall be enforced as of the day following its issuance, and the competent authorities are tasked with its implementation within their respective jurisdictions.
Chairman of the Board of Directors of the Authority
Dr. Mohamed Omran
Smart Village, Building 136, Giza, Egypt
Postal Code: 110
Tel: +202 20345050
Fax: +202 35700036
WWW.FRA.GOV.EG
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