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The Financial Regulatory Authority (FRA) requires the approval of the Company’s General Assembly before purchasing Treasury Shares

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In the light of the Authority’s effort to protect the rights of the minority dealing in the market and set rules to ensure equality and equal opportunities among all market participants

Dr. Mohammed Omran, Chairman of FRA’s Board of Directors issued a regulatory decision after gaining the Board’s approval. The said decision requires  obtaining the approval of the company’s General Assembly upon  purchasing treasury shares where the percentage of ownership or voting rights of a shareholder or a related  group exceeds the percentage set upon submitting a mandatory tender offer, besides the shareholder and the  related persons will not participate in voting on  purchasing decision in the General Assembly, that is due to the possibility of obtaining  an exemption from the Authority upon submitting a mandatory tender offer.

The decision also regulates obtaining an exemption from the Authority regarding not submitting a mandatory tender offer in cases of capital increase whether in cash or through credit balances if the percentage of ownership or voting rights of a shareholder or related group exceeds the percentage set upon submitting a mandatory tender offer, on condition that this is not resulted from purchasing subscription rights in capital increase.

The Authority’s decision no. 81 of 2013 was canceled in the light of what was stated in the new decision. Besides, rules of purchasing treasury shares stated in listing and delisting rules will be amended in line with the provisions of the said decision
 

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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