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
The expansion aims to widen the ownership base of state-owned companies and provide the private sector with an opportunity to contribute to these companies
FRA noted that it came to its decision after studying many international practices, after which they concluded that SPACs is a preferred method for many experienced founders and major shareholders