Head of the Capital Market Department at Zulficar & Partners Law Firm Anwar Zeidan revealed that an Egyptian-foreign consortium is looking to list the first special purpose acquisition company (SPAC) on the EGX within a few weeks.
For a refresher on what it takes to set up a SPAC in Egypt, click here.
More Details🧐 The consortium submitted an application to the FRA to obtain the license for a Venture Capital firm, along with a request to establish the first “SPAC” company in the Egyptian market.
Zeidan added that the SPAC’s initial capital will be EGP 10 million, which is the minimum required capital to set up a SPAC.
Why is this Important🤔 It’s been over two months since the FRA approved the establishment of SPACs. While it is new territory for both the FRA & those considering establishing a SPAC, the first SPAC-to-be is sure to pave the way for more to come.
