The Clap
The FRA has approved new changes governing companies listed on the EGX with the aim of facilitating procedures to list and offer on the EGX.
Important Changes
The FRA will begin regulating the use of electronic systems in attending general assemblies and electronic voting on decisions.
The changes will also allow temporary registration of newly established companies who have not issued financial statements for two fiscal years, as long as the percentage of negotiable shares is 15%, and the minimum number of shareholders is 1,000.
The company’s deadline for completing basic registration conditions is 6 months, during which it will dealing in the company’s shares will not be allowed, and an extension is possible depending on FRA approval.
The FRA also facilitated the procedures for the acquisition of EGX-listed companies over non-listed companies to stimulate acquisitions.
Need to Know
The director responsible for the Ghazl El-Mahalla IPO said that the offering will be completed either through a strategic investor or by waiting for the issuance of financial statements for two fiscal years.
So What
These amendments were approved after discussions with representatives of the EGX-listed companies and some accounting and legal consulting firms.
