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Applying an Amendment to Listing and Delisting rules regarding calling for the General Assembly

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EFSA’s BOD decision on amending listing and delisting rules was published in the Egyptian Gazette (issue no.148) stipulating that a period of 21 days shall be set between notification of shareholders or invitation to the General Assembly Meeting of a joint stock company and the meeting of the General Assembly.

Sherif Samy – EFSA’s Chairman pointed out that the amendment to Article 35 of listing and delisting Rules which was applied today comes within the framework of applying best practices to protect shareholders and within the context of improving Egypt’s ranking  in international indicators like  the World Bank Investment Climate indicator.

He explained that before the issuance of EFSA’s BOD decision, Dr. Sahar Naser – Minster of Investment and International Cooperation has issued a Decree that amends Article (203) of Companies Law where the third paragraph was replaced by the following text: “publishing or notice shall take place with at least 21 days prior to calling for the first General Assembly and in case the quorum is not met , within at least seven days prior to the second meeting”. Meanwhile, the said article stipulated before that the notice shall take place with at least 15 days.
 

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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