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Tuesday, 19 April 2016

EFSA’s new listing regulations aren’t targeting Beltone’s acquisitions

New listing regulations limiting cross-ownership of related parties adopted by the Egyptian Financial Supervisory Authority aren’t targeting Beltone’s acquisition of CI Capital and Arab Finance, said EFSA head Sherif Samy. He said the regulations do not target any one in particular but aim to strengthen minority shareholders rights, adding that the rule only affects a few listed companies and should not have an adverse effect on the market, Al Masry Al Youm reports. EFSA had passed new listing regulations on Sunday that prevent companies from owning more than 10% of a sister company controlled by the same corporate parent, counting shares purchased by parent companies in subsidiaries as treasury stock, and requiring general assembly approval for the sale more than 50% of a company’s non-liquid assets, Al Mal reports.

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