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Monday, 8 October 2018

Public Enterprises Act amendments completed

LEGISLATION WATCH- Public Enterprises Act amendments completed: The Public Enterprises Ministry has completed drafting the amendments to the Public Enterprises Act that could open the door for the government to list state holding companies, Minister Hisham Tawfik tells Al Masry Al Youm. He did not disclose details of the proposed amendments, which he said will soon be presented to the Madbouly Cabinet for approval. An early draft of the changes, which leaked to Al Mal in August, revealed that the legislation would allow private-sector companies to own stakes of just under 50% in the ministry’s holding companies. The amendments would also limit government seats on the boards of state holding companies to seven seats at most and could set a three-year term limit for the boards. The amendments are expected to be introduced in the current legislative session of the House of Representatives.

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