“At the end of this month or early next month, we will have the first blank check company [SPAC],” announced Financial Regulatory Authority (FRA) head Mohamed Omran
On the sideline of the annual FRA conference, Omran explained that the value of securities issuances (stocks, bonds and sukuk) rose to EGP 280.3 billion during 2021
The 3 mentioned companies are Macro Group Pharmaceuticals, Nahr El khair for Development, Investment, and Environmental Service, and Industrial and Engineering Projects Co.
Capital requirements, shareholder structure and SPAC founders’ regulatory responsibilities were announced, as well as changes to the rules for listing and delisting of securities on the Egyptian Exchange (EGX)
The shares will be sold in the newly-formed Al Ahly Football Company (AAFC), which according to board member Mohamed El Damaty