{"id":555142,"date":"2021-11-03T04:00:12","date_gmt":"2021-11-03T04:00:12","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/03\/lets-skip-the-formalities-and-just-spac\/"},"modified":"2021-11-03T04:00:12","modified_gmt":"2021-11-03T04:00:12","slug":"lets-skip-the-formalities-and-just-spac","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/03\/lets-skip-the-formalities-and-just-spac\/","title":{"rendered":"Let\u2019s skip the formalities and just SPAC"},"content":{"rendered":"

<\/a> Two companies are already eyeing setting up SPACs in Egypt to acquire and list<\/strong> fintech players<\/strong>, Zulficar & Partners founding partner Anwar Zeidan told Enterprise, confirming a story that was originally published in Al Mal<\/a>. The companies are both non-banking financial services (NBFS) players, one of which is Egyptian, while the other is international with stakes in several Egyptian companies, according to Zeidan, who declined to name them. These companies are currently in talks with the Financial Regulatory Authority (FRA) about the steps they would need to take once SPACs are formally allowed.<\/p>\n

That was fast: <\/strong>The news comes one day after the FRA greenlit<\/a> a plan<\/a> spearheaded by EGX boss Mohamed Farid to allow SPACs in Egypt. The blank-check companies would 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 market regulator.<\/p>\n

There has been interest since at least 2Q: <\/strong>The international firm reached out to Zulficar to inquire about listing SPACs in Egypt around five months ago, Zeidan told us. Since then, the law firm has been discussing the potential introduction of SPACs with officials at the FRA and EGX, he said.<\/p>\n

It all began with Swvl deciding to go public: <\/strong>Swvl\u2019s announcement<\/a> that it will list on the Nasdaq via a SPAC merger earlier this year seemed to have triggered interest among policymakers here. The idea was first publicly disclosed after Prime Minister Moustafa Madbouly met with<\/a> the Egyptian transport app and a number of other startups a few days after the merger with US Queen\u2019s Gambit Growth Capital was finalized.<\/p>\n

How would Egyptian SPACs work, again?<\/strong> SPACs would be set up with an initial capital of EGP 5 mn, similar to a VC firm in Egypt, says Zeidan. SPACS would work to get institutional investors to buy in before floating on a stock exchange and placing 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.<\/p>\n

And what happens next?<\/strong> The proposed acquisition goes to a general assembly meeting, where shareholders weigh in and are given the option of exiting the SPAC and getting a drawback on their funds. The remaining shareholders then give the acquisition their blessing and the process moves forward. In the event that the SPAC fails to close an acquisition within the two-year window, it is liquidated and the funds are given back to investors along with returns from the fixed-income investments.<\/p>\n

Still need a refresher?<\/strong> We have a full primer<\/a> on why \u2014 and how \u2014 SPACs work in Western markets.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 the other is international with […]<\/p>\n","protected":false},"author":1,"featured_media":555143,"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":[102,68,72,76,183,78,2221,343,439,123],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-555142","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","tag-capital-markets","tag-egx","tag-enterpriseam","tag-financial-regulatory-authority","tag-fintech","tag-ipo-watch","tag-mohamed-farid","tag-regulation","tag-spacs","tag-startups","wpautop","entry"],"acf":{"mongo_id":"8b2b9e3c-c72c-4751-8ce4-f71fed642c87","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/11\/302.jpg","photo_position":"above","related_issue":[555138],"teaser":"","voice_url":""},"yoast_head":"\nLet\u2019s skip the formalities and just SPAC - 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\/03\/lets-skip-the-formalities-and-just-spac\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Let\u2019s skip the formalities and just SPAC\" \/>\n<meta property=\"og:description\" content=\"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. 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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 "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":555101,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/02\/the-spacs-cometh\/","url_meta":{"origin":555142,"position":4},"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 "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\/283.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":555142,"position":5},"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 "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\/1898.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\/555142","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=555142"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555142\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/555138"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/555143"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=555142"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=555142"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=555142"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=555142"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=555142"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}