{"id":643387,"date":"2024-09-08T00:00:00","date_gmt":"2024-09-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/08\/fra-issues-new-regulations-for-delisting-spacs\/"},"modified":"2024-09-08T00:00:00","modified_gmt":"2024-09-08T00:00:00","slug":"fra-issues-new-regulations-for-delisting-spacs","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/08\/fra-issues-new-regulations-for-delisting-spacs\/","title":{"rendered":"FRA issues new regulations for delisting + SPACs"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>FRA issues new regulations for listing on the EGX:<\/strong> The Financial Regulatory Authority (FRA) has approved a number of regulations for firms looking to delist from the Egyptian stock exchange, as well as new regulations for special purpose acquisition companies (SPACs), according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0ykgn9qkEhZQwWNR87nEeShS4RQe7JXv2r4xA1NH3y6i28UBWRbXbiyU9rP2brXrsl\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>New delisting rules:<\/strong> Should a company decide to delist voluntarily from the bourse, the value of shares owned by the affected shareholders and\/or those objecting to the delisting can now be decided based on the fair value of the delisted shares. The value of the shares will now be determined based on the highest of the following values:<\/p>\n<ul>\n<li><strong>The fair value<\/strong> \u2014 determined by an independent financial advisor registered with the authority;<\/li>\n<li><strong>The average value <\/strong>of the shares over the three-month period before company\u2019s general assembly is invited to meet to make a decision on delisting;<\/li>\n<li><strong>The highest closing price<\/strong> in the month before the company\u2019s general assembly is invited to meet to make a decision on delisting.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- SPACs will be allowed to open temporary accounts for acquisitions:<\/strong> SPACs will be allowed to hold temporary accounts for the purpose of conducting acquisitions. SPACs will have two years from their listing date to complete an acquisition, which can be a full buyout, a controlling stake, or an absolute majority in the target company's capital or voting rights. Failure to do so would mean that the SPAC would either reduce its capital by the value of shares listed or re-offer the same shares to qualified investors.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s a SPAC again?<\/strong> A special purpose acquisition company is a type of shell company used by investors to acquire firms. SPACs raise money from the public in an IPO and then use the proceeds to merge with or acquire an appropriate company. Check out our <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a6ab3251-641a-4e2c-aa00-6b8486d10c68\" style=\"\" rel=\"noopener\">explainer<\/a> for more on how SPACs work.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Our first local SPAC could be on the way soon:<\/strong> Impact investor Catalyst Partners <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0ba2fa5a-4b7c-4884-ab6b-15221bf361a2\/egypt-could-soon-welcome-its-first%253cmark%253e-spac%253c%2Fmark%253e.-plus:-news-from-nrea,-raya,-new-jersey-developments\" style=\"\" rel=\"noopener\">applied in<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0ba2fa5a-4b7c-4884-ab6b-15221bf361a2\/egypt-could-soon-welcome-its-first%253cmark%253e-spac%253c%2Fmark%253e.-plus:-news-from-nrea,-raya,-new-jersey-developments\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0ba2fa5a-4b7c-4884-ab6b-15221bf361a2\/egypt-could-soon-welcome-its-first%253cmark%253e-spac%253c%2Fmark%253e.-plus:-news-from-nrea,-raya,-new-jersey-developments\" style=\"\" rel=\"noopener\">July for a SPAC license<\/a>, as it looks to set up its own special purpose acquisition company, dubbed Catalyst Partners Middle East (CPME), which will target fintech firms and NBFS players, with plans to acquire three firms upon receiving the license.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fair value can now decide the price of minority shares for voluntary delisted companies<\/p>\n","protected":false},"author":1,"featured_media":643388,"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":[102,72,76,439],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-643387","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","tag-capital-markets","tag-enterpriseam","tag-financial-regulatory-authority","tag-spacs","wpautop","entry"],"acf":{"mongo_id":"b1d18218-7c7c-4319-9d80-d356c53dee7a","order":"10","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/1417.jpg","photo_position":"above","homepage_title":"","full_issue_title":"FRA issues new regulations for listing and delisting on the bourse, and updates SPAC regulations","related_issue":[643370],"teaser":"Fair value can now decide the price of minority shares for voluntary delisted companies","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.43ebf73e-7993-433b-b798-9d2d2d018004.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The decision is meant to give shareholders some measure\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":660893,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/02\/19\/fra-introduces-fresh-regulations-aimed-at-boosting-spac-activity\/","url_meta":{"origin":643387,"position":1},"title":"FRA introduces fresh regulations aimed at boosting SPAC activity","author":"enterpriseam admin","date":"19 February 2025","format":false,"excerpt":"The new rules allow SPACs to merge, swap shares, or acquire credit balances of their target company","rel":"","context":"In &quot;REGULATION WATCH&quot;","block_context":{"text":"REGULATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/5\/948.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":643387,"position":2},"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 &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\/2257.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575305,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/11\/fra-approves-americanas-egx-delisting\/","url_meta":{"origin":643387,"position":3},"title":"FRA approves Americana\u2019s EGX delisting","author":"enterpriseam admin","date":"11 October 2020","format":false,"excerpt":"Americana Egypt\u2019s requestto delist 400 mn shares from the EGX has been approved by the Financial Regulatory Authority\u2019s (FRA) Securities Registration Committee following its purchase by Adeptio, the local press reports. The company is now authorized to gradually delist shares from the EGX in one week intervals until 31 January,\u2026","rel":"","context":"In &quot;Banking + Finance&quot;","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":573958,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/25\/egx-sets-up-d-list-for-securities-facing-delisting-over-non-compliance\/","url_meta":{"origin":643387,"position":4},"title":"EGX sets up \u201cD List\u201d for securities facing delisting over non-compliance","author":"enterpriseam admin","date":"25 August 2020","format":false,"excerpt":"EGX releases \u201cD-list\u201d of companies that could be kicked out: The EGX has introduced a naughty list of companies who could face delisting over non-compliance with listing and disclosure rules, the EGX said in a statement on Monday. The bourse released a series of six conditions that would land a\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/8\/194.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":656697,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/09\/ezz-steel-mulls-beginning-procedures-to-voluntary-delist-from-the-egx\/","url_meta":{"origin":643387,"position":5},"title":"Ezz Steel mulls beginning procedures to voluntary delist from the EGX","author":"enterpriseam admin","date":"9 December 2024","format":false,"excerpt":"All listed shares will be transferred to their primary market on the London Stock Exchange","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\/815.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\/643387","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=643387"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/643387\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/643370"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/643388"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=643387"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=643387"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=643387"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=643387"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=643387"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}