Financial Regulatory Authority

FINANCIAL REGULATORY AUTHORITY

Chairman of the Authority

Decision No. (176) of 2020 dated 18/11/2020

Amending Decision No. (11) of 2014 of the Authority's Board of Directors 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. (90) of 1992 and its Executive Regulations; and Law No. (10) of 2009 regulating supervision over non-banking financial markets and instruments; and Decision No. (11) of 2014 of the Authority's Board of Directors 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 18/11/2020;

Has Decided

(Article One)

Sub-paragraph (c) of Article (16 – First: Foreign Shares) of Decision No. (11) of 2014 of the Authority's Board of Directors regarding the Rules for Listing and Delisting Securities on the Egyptian Exchange, is replaced with the following text:

(Article 16 – First: Foreign Shares - Sub-paragraph "c"):

(c) The foreign company's share capital required for listing its shares shall not be less than the equivalent of 100 million US dollars, and 10 million US dollars in the case of small and medium-sized enterprises. If the company is not listed on a foreign exchange and 50% or more of its equity, assets, and revenues derive from Egyptian companies affiliated with it as stipulated in sub-paragraph (a) of the First section of this Article, the minimum issued and paid-up share capital for the company shall be the minimum required for listing Egyptian company shares.

(Article Two)

The condition for the continued listing of a company's shares on the exchange, as stipulated in the second paragraph of Article (44) of the aforementioned Decision No. (11) of 2014, is amended to require that the acquired companies meet the conditions stipulated in clauses (8, 5) of Article (7) if it is an Egyptian company, or clauses (7, 5) of Article (9) if it is a small or medium-sized enterprise, or clauses (a, c) of the First section of Article (16) regarding foreign company shares, as applicable.

(Article Three)

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 of the Authority

Dr. Mohamed Omran