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Friday, 10 April 2020

Egypt Financial Regulatory Authority allows EGX-listed companies to acquire non-listed ones

Doaa A.Moneim , Tuesday 18 Feb 2020
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Views: 903

The Egyptian Financial Regulatory Authority (FRA) has announced that it has made two amendments to its EGX listing rules regulating company listings and write-offs in the Egyptian stock market.

The new amendments, according to the FRA, allow listed companies to acquire non-listed ones on condition that their value is equal to or greater than that of the buyer if the acquired companies meet all EGX listing rules. If the transaction results in the listed company’s free float falling below the EGX threshold, it will be obligated to meet the EGX continuity rules within one-month by floating additional shares.

Chairman of the FRA Mohammed Omran declared that the new amendments are in line with the supervisory role of the FRA, which obligates it to protect traders, listed companies, and shareholders’ rights.

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