{"id":554899,"date":"2021-11-21T13:43:02","date_gmt":"2021-11-21T13:43:02","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/21\/tonight-spac-rules-are-here-hamdok-could-be-returning-as-sudans-pm-plus-talking-regulatory-changes-on-the-egx-at-auc-epea-panel\/"},"modified":"2021-11-21T13:43:02","modified_gmt":"2021-11-21T13:43:02","slug":"tonight-spac-rules-are-here-hamdok-could-be-returning-as-sudans-pm-plus-talking-regulatory-changes-on-the-egx-at-auc-epea-panel","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/21\/tonight-spac-rules-are-here-hamdok-could-be-returning-as-sudans-pm-plus-talking-regulatory-changes-on-the-egx-at-auc-epea-panel\/","title":{"rendered":"TONIGHT: SPAC rules are here + Hamdok could be returning as Sudan\u2019s PM. Plus: Talking regulatory changes on the EGX at AUC \/ EPEA panel"},"content":{"rendered":"<p><strong>Good afternoon, ladies and gents.<\/strong> It\u2019s a slow start to the week, with barely any major news at home or abroad moving the needle.<\/p>\n<p><strong>THE BIG STORY TODAY-<\/strong><\/p>\n<p><a id=\"tldr-story-01\" class=\"content-anchor\"><\/a> <strong>SPAC rules are here:<\/strong> The Financial Regulatory Authority (FRA) issued today the <a href=\"https:\/\/ent.news\/2021\/11\/%D9%82%D8%B1%D8%A7%D8%B1-%D8%B1%D9%82%D9%85-%D9%A1%D9%A7%D9%A1-%D9%84%D8%B3%D9%86%D8%A9-2021-1.pdf\">rules<\/a><a href=\"https:\/\/ent.news\/2021\/11\/%D9%82%D8%B1%D8%A7%D8%B1-%D8%B1%D9%82%D9%85-%D9%A1%D9%A7%D9%A1-%D9%84%D8%B3%D9%86%D8%A9-2021-1.pdf\">and regulations (pdf)<\/a> for companies looking to establish blank-check firms (aka SPACs) to raise capital and merge with or acquire another company through an IPO, FRA head Mohamed Omran said in a <a href=\"https:\/\/ent.news\/2021\/11\/%D9%85%D8%B9%D8%AF-%D8%A7%D9%84%D9%86%D8%B4%D8%B1SPAC-%D8%B6%D9%88%D8%A7%D8%A8%D8%B7-%D8%B4%D8%B1%D9%83%D8%A7%D8%AA-%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D8%AD%D9%88%D8%A7%D8%B00.docx\">statement (pdf)<\/a>. The rules include the timeline for companies to pull the trigger on SPAC mergers and list on the EGX, as well as requirements on shareholder structure and minimum capital. The regulator has also issued <a href=\"https:\/\/ent.news\/2021\/11\/%D9%82%D8%B1%D8%A7%D8%B1-%D8%B1%D9%82%D9%85-172-%D9%84%D8%B3%D9%86%D8%A9-2021-2.pdf\">amendments (pdf)<\/a> to listing and delisting rules on the bourse to make way for SPACs to hit the EGX. The regulations come a few weeks after the proposal spearheaded by EGX boss Mohamed Farid <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a464bafe-21f2-4b7e-a02e-63708d29114c\">received the greenlight<\/a> from the FRA.<\/p>\n<p><strong>^^ We\u2019ll have the full breakdown of the rules in tomorrow\u2019s edition of EnterpriseAM.<\/strong><\/p>\n<p><strong>HAPPENING NOW-<\/strong><\/p>\n<p><strong>The Senate gave its preliminary approval today <\/strong><strong>to a draft law to increase protections for<\/strong><strong> senior citizens<\/strong>, <a href=\"https:\/\/bit.ly\/30NgAvW\">Youm7<\/a> reports. The upper house of parliament will continue tomorrow its discussion of the bill, which will provide social care and benefits to up to <a href=\"https:\/\/english.ahram.org.eg\/News\/441962.aspx\">1.7 mn senior citizens<\/a> in Egypt.<\/p>\n<p><strong>LATER TONIGHT-<\/strong><\/p>\n<p><strong>AUC and the Egyptian Private Equity Association (EPEA) will host a panel on<\/strong> <strong>developments and regulatory changes in the stock market <\/strong>at the Tahrir campus tonight at 6pm, according to a <a href=\"https:\/\/ent.news\/2021\/11\/Recent-Developments-of-the-Egyptian-Stock-Exchange-media-advisory-English.pdf\">press release (pdf)<\/a>. EGX Chairman <strong>Mohamed Farid<\/strong>, Sovereign Fund of Egypt Chief investment Officer <strong>Abdalla ElEbiary<\/strong> and managing director and chief investment officer at Nile Capital Holding <strong>Basel Roshdy<\/strong> will all make appearances.<\/p>\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>EFG, SFE finalize acquisition of Arab Investment Bank:<\/strong> EFG Hermes <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a015541a-1a21-48dd-80d4-3dd23dd9d76b\">finalized on Thursday<\/a> their acquisition of a 51% stake in the Arab Investment Bank (aiBank), transforming the leading financial services corporation in frontier emerging markets into a universal bank in Egypt. The Sovereign Fund of Egypt\u2019s financial services sub-fund is also acquiring a 25% stake in the bank.<\/li>\n<li><strong>Al Ahly could offer almost half the club <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e353e401-9cdc-41c4-b421-29d9f5246904\">in an IPO on the EGX<\/a><\/strong> by selling shares in the newly-formed Al Ahly Football Company, which will hold all of the club\u2019s football-related assets by June 2022.<\/li>\n<li><strong>G\u00e9ant plans EGP 1 bn investment in Egypt:<\/strong> French hypermarket chain G\u00e9ant is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17d00-cb85-4527-9816-4d3572a0cb3e\">planning to invest<\/a> EGP 1 bn to open 15 new supermarkets, hypermarkets, and express markets in Egypt over the next five years.<\/li>\n<\/ul>\n<p><strong>THE BIG STORY ABROAD-<\/strong><\/p>\n<p><a id=\"tldr-story-02\" class=\"content-anchor\"><\/a> <strong>SUDAN WATCH- Hamdok is coming back as PM:<\/strong> Abdalla Hamdok is returning to his position as Sudan\u2019s prime minister after signing an agreement minutes ago with military chief Abdel Fattah Al Burhan (<a href=\"https:\/\/twitter.com\/SUNA_AGENCY\/status\/1462402647529459715\">watch, runtime: 23:16<\/a>). Hamdok was ousted in a coup last month, which led to weeks of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/26e2b4d2-eb63-4adf-894e-d5e8d4a3e9e2\">unrest<\/a> that left scores of people dead. Hamdok will form an independent cabinet of technocrats and all political detainees will be released, under an agreement between the military and political parties, head of the centrist Umma Party Fadlallah Burma Nasir told <a href=\"https:\/\/www.reuters.com\/world\/africa\/sudan-military-reinstate-ousted-pm-hamdok-after-deal-reached-umma-party-head-2021-11-21\/\">Reuters<\/a> earlier in the day. The coup had upended a two-year transition to civilian rule and drew strong international condemnation from the African Union, the UN and the EU, with donors like the US and the World Bank suspending aid to Sudan.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p>The new administrative capital plays host to a <strong>Comesa summit<\/strong> starting on Tuesday, the same day the state\u2019s SECC hosts a webinar on <strong><a href=\"https:\/\/register.gotowebinar.com\/register\/1994227539316855563\">fintech in Egypt<\/a><\/strong>.<\/p>\n<p>Startup festival <strong><a href=\"https:\/\/www.facebook.com\/events\/857701738279267\/\">RiseUp<\/a><\/strong> starts on Thursday and runs through Saturday, while the <strong><a href=\"https:\/\/www.facebook.com\/CairoFilms\/photos\/a.386668088207064\/1611462495727611\/\">Cairo<\/a><\/strong> <strong><a href=\"https:\/\/www.facebook.com\/CairoFilms\/photos\/a.386668088207064\/1611462495727611\/\">International Film Festival<\/a><\/strong> kicks off its weeklong run this coming Friday.<\/p>\n<p><strong>The Home Appliances and Table Show (<\/strong><strong><a href=\"http:\/\/hatsegypt.com\/\">HATS Egypt<\/a><\/strong><strong>)<\/strong> starts tomorrow and wraps up on Wednesday. The event is organized by the Engineering Export Council of Egypt and brings together companies working in the home appliances sector.<\/p>\n<p><strong>ITIDA and the Software Engineering Competence Center are hosting a webinar on the<\/strong> <strong>future of fintech in Egypt on Tuesday<\/strong>, 23 November. The event will look at the current landscape and expected changes in light of new tech, regulations and market changes. You can register to attend <a href=\"https:\/\/register.gotowebinar.com\/register\/1994227539316855563\">here<\/a>.<\/p>\n<p><strong>BOOK LAUNCH-<\/strong> <a href=\"https:\/\/www.amazon.com\/Up-Doing-Street-Washington-Investing\/dp\/163331054X\">Up and Doing<\/a>, a memoir penned by Chairman of the Egyptian-American Enterprise Fund James Harmon (<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7631af1a-495f-4db0-bcc1-3563e1f33f0d\">Morning Routine<\/a>), will be published this Tuesday, 23 November. The memoir recounts Harmon\u2019s career as a banker and discusses \u201chow markets can move the world forward by creating stable, growing economies and sound [transactions] that promote economic development.\u201d<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p>\u2614 <strong>TOMORROW\u2019S WEATHER- Another rainy day in store: <\/strong>There\u2019s a 40% chance of showers tomorrow while the mercury will drop to 22\u00b0C during the day and a chilly 15\u00b0C at night, our favorite weather app tells us.<\/p>\n<p><strong>Don\u2019t get too excited about winter finally coming:<\/strong> We\u2019re starting to see forecasts that temperatures will rise to 28\u00b0C at the end of the week.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good afternoon, ladies and gents. It\u2019s a slow start to the week, with barely any major news at home or abroad moving the needle. THE BIG STORY TODAY- SPAC rules are here: The Financial Regulatory Authority (FRA) issued today the rulesand regulations (pdf) for companies looking to establish blank-check firms (aka SPACs) to raise capital [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7213],"tags":[129,548,102,633,76,78,871,439,587,126,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-554899","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-abdalla-hamdok","tag-abu-qir-fertilizers","tag-capital-markets","tag-enterprisepm","tag-financial-regulatory-authority","tag-ipo-watch","tag-regulation-watch","tag-spacs","tag-state-privatization-program","tag-sudan","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"65bec126-a223-495d-bed1-54ec949c7e57","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[554897],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>TONIGHT: SPAC rules are here + Hamdok could be returning as Sudan\u2019s PM. 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THE BIG STORY TODAY- SPAC rules are here: The Financial Regulatory Authority (FRA) issued today the rulesand regulations (pdf) for companies looking to establish blank-check firms (aka SPACs) to raise capital [&hellip;]","og_url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/21\/tonight-spac-rules-are-here-hamdok-could-be-returning-as-sudans-pm-plus-talking-regulatory-changes-on-the-egx-at-auc-epea-panel\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2021-11-21T13:43:02+00:00","author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/21\/tonight-spac-rules-are-here-hamdok-could-be-returning-as-sudans-pm-plus-talking-regulatory-changes-on-the-egx-at-auc-epea-panel\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/21\/tonight-spac-rules-are-here-hamdok-could-be-returning-as-sudans-pm-plus-talking-regulatory-changes-on-the-egx-at-auc-epea-panel\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"TONIGHT: SPAC rules are here + Hamdok could be returning as Sudan\u2019s PM. 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Announced (pdf) by the regulator yesterday, the framework sets out the capital requirements, shareholder structure and regulatory responsibilities SPAC founders will need to\u2026","rel":"","context":"In &quot;Capital markets&quot;","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/541.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555101,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/02\/the-spacs-cometh\/","url_meta":{"origin":554899,"position":1},"title":"The SPACs cometh","author":"enterpriseam admin","date":"2 November 2021","format":false,"excerpt":"SPACs could be landing in Egypt soon, after the Financial Regulatory Authority\u2019s (FRA) board greenlit a proposal to allow the establishment of blank-check firms here, the regulatory body announced in a statement yesterday. The proposal, which was put forward by EGX Chairman Mohamed Farid in September, would for the first\u2026","rel":"","context":"In &quot;Capital markets&quot;","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/283.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":557301,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/14\/egx-could-open-the-door-for-spacs\/","url_meta":{"origin":554899,"position":2},"title":"EGX could open the door for SPACs","author":"enterpriseam admin","date":"14 September 2021","format":false,"excerpt":"Egypt could be welcoming SPACs soon, after EGX boss Mohamed Farid suggested amendments to listing rules that would allow Egyptian companies to go to market while being acquired by or merging with another company. The amendments have been submitted to the Financial Regulatory Authority (FRA) for consideration, according to an\u2026","rel":"","context":"In &quot;Capital markets&quot;","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/178.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555142,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/03\/lets-skip-the-formalities-and-just-spac\/","url_meta":{"origin":554899,"position":3},"title":"Let\u2019s skip the formalities and just SPAC","author":"enterpriseam admin","date":"3 November 2021","format":false,"excerpt":"Two companies are already eyeing setting up SPACs in Egypt to acquire and list fintech players, Zulficar & Partners founding partner Anwar Zeidan told Enterprise, confirming a story that was originally published in Al Mal. The companies are both non-banking financial services (NBFS) players, one of which is Egyptian, while\u2026","rel":"","context":"In &quot;Capital markets&quot;","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/302.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":644471,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/26\/catalyst-partners-middle-east-gets-fra-greenlight-to-launch-egypts-first-spac\/","url_meta":{"origin":554899,"position":4},"title":"Catalyst Partners Middle East gets FRA greenlight to launch Egypt\u2019s first SPAC","author":"enterpriseam admin","date":"26 September 2024","format":false,"excerpt":"The SPAC will have a month to apply to list on the EGX","rel":"","context":"In &quot;Capital markets&quot;","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1898.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542803,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/18\/egypts-first-ever-spac-to-list-on-egx-by-next-month-omran\/","url_meta":{"origin":554899,"position":5},"title":"Egypt\u2019s first-ever SPAC to list on EGX by next month -Omran","author":"enterpriseam admin","date":"18 January 2022","format":false,"excerpt":"Make way for our first SPAC: Egypt\u2019s first blank-check company will be established within the next month, Financial Regulatory Authority (FRA) chief Mohamed Omran told Bloomberg Asharq yesterday. \u201cAt the end of this month or early next month, we will have the first blank check company,\u201d he said. 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