Regulatory Alerts2012-01-01
Decision of the Board of Directors of the Egyptian Financial Regulatory Authority No. (23) of 2012 dated 12/3/2012
The Egyptian Financial Regulatory Authority (EFSA) issued Decision No. (23) of 2012 to amend the Egyptian Exchange's listing rules governing capital increases and subscription rights. The decision mandates that new share issuances and subscription rights be listed within two months of triggering events such as closing the subscription window, merger approval, or general assembly resolution for free shares. It further requires listed companies to utilize standardized preemptive rights notices, submit listing requests at least five days before the subscription opening, and maintain minimum fifteen-day and thirty-day trading periods for subscription rights trading alongside or separately from original shares.
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