Regulatory Alerts2019-01-01
Decision of the Board of Directors of the Financial Regulatory Authority No. (43) of 2019 amending Decision No. (11) of 2014 regarding the rules for listing and delisting securities at the Egyptian Exchange
The Financial Regulatory Authority of Egypt issued Decision No. 43 of 2019 to amend its 2014 rules on listing and delisting securities at the Egyptian Exchange. The amendment mandates that in conflict of interest scenarios, voting on voluntary delisting at a company's Extraordinary General Assembly must be restricted to regional shareholders holding freely tradable shares, excluding major shareholders and related parties. Additionally, it grants the Authority the power to require that shares purchased by objectors to a delisting decision be valued at fair market price as determined by an independent financial advisor registered with the Authority.
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