GAFI to issue warnings for SAE companies that have not registered shares with Misr Clearing

The General Authority for Investments (GAFI) decided to begin issue warnings to joint stock companies (basically, any company with “SAE” at the end) that have not yet registered their shares with Misr for Central Clearing, Depository and Registry. These companies have three months to complete registering their shares or face penalties which include barring the companies from transferring shares or distribute dividends, with GAFI refusing to sign off on decisions reached by the companies’ boards and general assemblies, sources tell Al Mal. The deadline to register, as per the directives of amendments to the Companies Act, was yesterday.