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Thursday, 25 May 2017

Investment Minister issues amendments to Companies Law

Listed companies will now have to issue their first call for a general assembly at least 21 days in advance rather than 15, as was the case before new amendments to the Companies Act issued yesterday by Investment and International Cooperation Minister Sahar Nasr. Don’t have quorum after your first call? You’ll need to give seven days’ notice of a second meeting. The changes are expected to improve Egypt’s ratings on global indices, such as the World Bank’s Doing Business Report and World Economic Forum’s Global Competitiveness Report, the ministry said.

(Or, conversely, it could make it easier for crank shareholders with five shares apiece to show up and ask for handouts / demand more food / steal your silverware.)

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