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Egypt issues regulations for SPACs

CAIRO: Egypt’s Financial Regulatory Authority  has issued regulations governing the listing of special purpose acquisition companies on the Egyptian Stock Exchange for the first time.

The new regulations governing SPACs – which are also known as blank check companies — require the issued and paid-up capital not to be less than EGP10 million ($636,000), to be paid by the sponsors, with a commitment to increase its capital within one month from the date of its registration with the authority through public subscription or private placement.

Also, the ownership percentage of legal persons shall not be less than 50 percent of the capital, while the proportion of financial institutions or qualified investors shall not be less than 25 percent. 

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