Regulatory Alerts2022-01-01
Decision of the Board of Directors of the Authority No. (85) for 2022
The Financial Regulatory Authority’s Board of Directors issued Decision No. 85 of 2022 to reject a shareholder request holding over 5% of the capital, seeking suspension of the Egyptian Iron and Steel Company’s Ordinary General Assembly decisions dated January 11, 2021. The ruling determines that the request failed to meet statutory formal requirements under Article 10 of the Capital Market Law, thereby upholding the original assembly resolutions. Effective immediately upon issuance, the decision directs all relevant authorities to execute its provisions according to their respective jurisdictions.
Financial Regulatory Authority
FINANCIAL REGULATORY AUTHORITY
Chairman of the Board
Decision of the Board of Directors of the Financial Regulatory Authority
No. (85) dated 2022/8/31
Regarding the Request to Suspend the Decision of the Ordinary General Assembly
for the Egyptian Iron and Steel Company (Under Liquidation) held on 2021/1/11
The Board of Directors of the Financial Regulatory Authority
Having reviewed the Capital Market Law issued by Law No. 95 of 1997 and its executive regulations;
and Law No. 10 of 2009, regarding the regulation of supervision over non-banking financial markets and instruments;
and Presidential Decree No. 192 of 2009 regarding the Basic Law of the Financial Regulatory Authority;
and the request submitted by a group of shareholders holding more than 5% of the company's capital to suspend the decisions of the Ordinary General Assembly of the Egyptian Iron and Steel Company held on 2021/1/11;
and the memorandum prepared by the competent central department of the Authority dated 2022/6/27
and the approval of the Board of Directors in its session held on 2022/8/31
has decided
(Article One)
Rejects the request to suspend the decisions of the Ordinary General Assembly of the Egyptian Iron and Steel Company held on 2021/1/11 due to the lack of formal requirements, in accordance with Article No. (10) of the Capital Market Law issued by Law No. 95 of 1997, with all resulting effects.
(Article Two)
This decision shall be enforced as of its issuance date, and the competent authorities shall implement it according to their respective jurisdictions.
Chairman of the Board of Directors of the Authority
Dr. Mohamed Fared Saleh
(Seal of the Financial Regulatory Authority - Office of the Chairman)
Smart Village, Building 137, Giza: Egypt
Postal Code: 110
Telephone: +202305050
Fax: +2023070067
WWW.FRA.GOV.EG
ARAB REPUBLIC OF EGYPT
FINANCIAL REGULATORY AUTHORITY
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