{"id":555101,"date":"2021-11-02T03:50:20","date_gmt":"2021-11-02T03:50:20","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/02\/the-spacs-cometh\/"},"modified":"2021-11-02T03:50:20","modified_gmt":"2021-11-02T03:50:20","slug":"the-spacs-cometh","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/02\/the-spacs-cometh\/","title":{"rendered":"The SPACs cometh"},"content":{"rendered":"

<\/a> SPACs could<\/strong> be landing in Egypt soon<\/strong>, after <\/strong>t<\/strong>he Financial Regulatory Authority\u2019s <\/strong>(FRA) board greenlit a proposal <\/strong>to allow the establishment of blank-check firms here, the regulatory body announced in a statement<\/a> yesterday. The proposal, which was put forward<\/a> by EGX Chairman Mohamed Farid in September, would for the first time allow investors to set up companies created with the sole purpose of raising capital through an IPO to acquire or merge with another company.<\/p>\n

The specific rules set to govern Egyptian SPACs are still TBD:<\/strong> SPACs will be subject to the same regulations as venture capital firms under the Capital Markets Act, with listing and delisting rules still to be decided by the FRA, FRA head Mohamed Omran said in the statement.<\/p>\n

Digital and tech startups will be able to use SPACs to access investment<\/strong> under the new rules, helping boost Egypt\u2019s investment climate and support SMEs, Omran said.<\/p>\n

What\u2019s with the sudden hunger for EGYSPACs?<\/strong> Swvl\u2019s decision earlier this year to IPO on <\/sup>the Nasdaq via a blank check firm seems to have focused some minds in policymaking circles. The idea of launching local SPACs seems to have been hatched during a recent meeting<\/a> between top government officials and a number of local startups in the wake of Swvl\u2019s announcement<\/a>. The message, we think, is clear: If you\u2019re thinking of going for a foreign SPAC, we\u2019d really prefer it if you went the EGX route instead.<\/p>\n

How exactly will SPACs work <\/strong>in Egypt<\/strong>?<\/strong> SPACS first get institutional investors to buy in before floating on a stock exchange. The SPAC then places the funds raised into an interest-bearing trust account for a maximum of two years while it looks for a company to acquire or merge with. In the event that the SPAC fails to acquire another company in time, it is liquidated and the funds are given back to investors along with returns from the fixed-income investments.<\/p>\n

What does this mean for the EGX? <\/strong>Allowing SPACs could offer startups a chance to list on the EGX early in their development, raising the EGX\u2019s market cap and boosting the number of IPOs in Egypt, according to Farid. SPACs would give SMEs currently limited to the small-cap Nilex<\/a> the chance to access investment through the main bourse. Regulators have been trying to persuade more companies to list on the EGX, most recently amending listing rules<\/a> to make it easier for larger firms to go public.<\/p>\n

The popularity of SPACs has picked up in MENA:<\/strong> Dubai-based Shuaa Capital plans to establish three SPACs<\/a> worth USD 200 mn. Anghami was also intending to list in the Nasdaq via a merger with a blank-check firm, but has recently gone quiet about where those plans stand. Anghami has a deadline of 11 November<\/a><\/strong> to pull the trigger<\/strong> on the transaction with Vista Media Acquisition Company \u2014 and extension it announced in August.<\/p>\n

SPACs are already a big thing in western markets.<\/strong> We have a full explainer on why \u2014 and how \u2014 they work here.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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 time allow investors to set […]<\/p>\n","protected":false},"author":1,"featured_media":555102,"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":[7303],"tags":[102,971,72,76,78,7128,2221,440,439],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-555101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","tag-capital-markets","tag-capital-markets-act","tag-enterpriseam","tag-financial-regulatory-authority","tag-ipo-watch","tag-ma-watch","tag-mohamed-farid","tag-mohamed-omran","tag-spacs","wpautop","entry"],"acf":{"mongo_id":"a464bafe-21f2-4b7e-a02e-63708d29114c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/11\/283.jpg","photo_position":"above","related_issue":[555097],"teaser":"","voice_url":""},"yoast_head":"\nThe SPACs cometh - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/02\/the-spacs-cometh\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The SPACs cometh\" \/>\n<meta property=\"og:description\" content=\"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. 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The companies are both non-banking financial services (NBFS) players, one of which is Egyptian, while\u2026","rel":"","context":"In "Capital markets"","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":542803,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/18\/egypts-first-ever-spac-to-list-on-egx-by-next-month-omran\/","url_meta":{"origin":555101,"position":1},"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. The SPAC\u2026","rel":"","context":"In "EGX"","block_context":{"text":"EGX","link":"https:\/\/enterpriseam.com\/egypt\/category\/egx\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/203.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544921,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/28\/khazna-wants-a-spac-to-call-its-own\/","url_meta":{"origin":555101,"position":2},"title":"Khazna wants a SPAC to call its own","author":"enterpriseam admin","date":"28 March 2022","format":false,"excerpt":"Fintech startup Khazna could set up a SPAC in 2024, a company spokesperson told Enterprise, confirming a report from Al Shorouk that quoted Khazna co-founder and CEO Omar Saleh. Khazna is looking into setting up a blank check company with international investors, which could be listed either at home or\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/371.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555638,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/22\/spac-me-the-regs-are-out\/","url_meta":{"origin":555101,"position":3},"title":"SPAC me, the regs are out","author":"enterpriseam admin","date":"22 November 2021","format":false,"excerpt":"We\u2019re one step closer to Egyptian SPACs after the Financial Regulatory Authority (FRA) yesterday issued the rulesand regulations (pdf) for investors looking to establish local blank-check firms. 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 "Capital markets"","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":635295,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/29\/fra-amends-spac-listing-rules\/","url_meta":{"origin":555101,"position":4},"title":"FRA amends SPAC listing rules","author":"enterpriseam admin","date":"29 July 2024","format":false,"excerpt":"SPACs must apply to list on the EGX within one month of obtaining their license from the FRA","rel":"","context":"In "Capital markets"","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\/2257.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":555101,"position":5},"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 "Capital markets"","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555101","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=555101"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555101\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/555097"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/555102"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=555101"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=555101"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=555101"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=555101"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=555101"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}