REGULATION WATCH- GAFI amends governance regs for subsidiaries of state-owned companies: The General Authority for Investments (GAFI) has amended corporate governance regulations for companies whose shareholders include a state-owned companies holding a minimum stake of 25%, Al Mal reports. The new guidelines mandate that these companies hire an auditor other than CAPMAS (as is the case for state-owned companies). The guidelines also state that these companies will not be classified as state-owned companies (or public sector companies). The companies is part of a series of reforms to state-owned companies currently being enacted ahead of the state privatization program. These include amendments to the Public Enterprises Act that would allow private-sector companies to own stakes of just under 50% in the ministry’s holding companies.

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