Regulatory Alerts2012-01-01
Decision of the Board of Directors of the Egyptian Financial Supervisory Authority No. (31) of 2012 Amending the Rules for Listing, Continued Listing, and Delisting of Securities on the Egyptian Exchange
The Egyptian Financial Supervisory Authority (EFSA) issued Decision No. (31) of 2012 to amend the Egyptian Exchange's rules governing the listing, continued listing, and delisting of securities. The amended Article 33 requires any listed company intending to acquire twenty percent or more of the capital or voting rights in an unlisted company to submit a fair value study prepared by an EFSA-registered independent financial advisor. This submission must include an audit report on the study and formal board of directors approval minutes, with the decision becoming effective the day after its publication in the Egyptian Gazette and on official websites.
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