EGYPT: EFSA approves new exemption from Egypt mandatory bid requirement under Executive Regulations

Thursday January 2 2014

The Egyptian Financial Services Authority has announced that it has approved an amendment to Part XII of the Executive Regulations of the Capital Market Law which will introduce a new exemption to the requirement to launch a mandatory bid under Article 353 on acquiring one-third of the voting rights of an Egyptian company.

The new exemption will disapply the mandatory bid rule in the case of an increase in the proportion of ownership of the shareholder as a result of a capital increase, or due to the capital reduction as a result of execution of treasury shares.

Click on the above link for the press release (in Arabic).