Aggregated News From Investment Management Regulators

FRA’s BOD issues an amendment to listing and delisting rules for further protection of minority rights


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In the framework of FRA’s efforts to practice its role in protecting minority investors and achieving the third objective of its comprehensive strategy for the development of non-banking financial sector (2018-2022), namely “Improving the competitiveness of the national economy and attractiveness to foreign investments”,
 Dr. Mohammed Omran – FRA’s Chairman emphasized that FRA’s Board of Directors has approved an amendment to listing and delisting rules by decision no. 43 of 2019. The said decision stipulated that in cases of conflict of interest, FRA’s Board may limit the vote on the optional delisting in the Extraordinary General Assembly of the Company to minority shareholders (Free-Trading Shares) without the vote of the principal shareholder/s and their related parties. The decision also allows the Authority – upon significant events or transactions held before the company’s Board of Directors’ decision that would affect the value of the Company- to request that purchasing the shares of those who reject delisting decision  shall be at the fair value of the Company’s security. Also, the said decision stipulated that the fair value shall be determined by an independent financial advisor listed at FRA’s registry.

In this context, Dr. Omran asserts that FRA preserves the positive results achieved in the World Bank Group’s annual report Doing Business for 2019.  He emphasizes that for the fifth year in a row, Egypt has made significant progress on the “Protecting Minority Investors indicator” where Egypt jumps 9 places and this indicates that Egypt is enhancing protection of minority investors. Egypt has ranked the 72nd  out of 190 countries jumping 9 places over the previous year and 61 places in the index since 2015.

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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