Regulatory Alerts2010-01-01
Authority Board Resolution No. (124) of 2010 (Updated Version in 2014)
The Egyptian Financial Supervisory Authority issued Resolution No. (124) of 2010 (updated in 2014) to establish the rules and procedures for the division of joint stock companies listed on the Egyptian Exchange. The resolution mandates that the Board of Directors prepare a detailed division plan, including pro forma financial statements and legal opinions, which must be approved by a 75% majority vote at an Extraordinary General Assembly. Following regulatory approval and commercial registration, the surviving and resulting companies must comply with listing requirements, publish detailed reports, and ensure shareholder and creditor rights are protected throughout the horizontal or vertical division process.
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