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Amendments to Regulation governing the capital market acquisitions of brokerage firms

Chairman of the General Authority for Financial Supervision, said the Minister of Investment has issued amendments to the Executive Regulations of the Capital Market Law.

He said Sharif Sami through a statement issued on Sunday, that the amendments included the Board of Directors approval to acquire more than one third in the capital of any company of brokerage firms in securities or investment funds management has a market share of more than Ay 10% of the market on the size requirement .

Sami pointed out that the amendments included the regulation of the right of priority when the capital increase of the restricted shares of its companies, the IPO companies.

He explained that the issuance of state investment decision No. (95) for the year 2016 as a competent minister, the text of the amendment to article and add articles to the Regulations, and shall be effective on the day following its publication in the Official Gazette.

Sami Sharif said that the amendment of Article (30) of the Regulations came at the suggestion of the body making the priority right of trading in subscription separate from the original mandatory stock when the capital increase of the company, after it was optional for decision by the General Assembly of the company.

He continued: "This achieves the best protection for the rights of small shareholders, and does not conflict with any decision by the General Assembly of the company's extraordinary waive the realization of the priority rights when the capital increase in the case of attracting a strategic shareholder believes that it has added value to the company."

The head of the organizing cases the acquisition of more than one third in the capital of any company of brokerage firms in securities or investment funds management has a market share of more than 10% came by adding articles to the Implementing Regulations (328 bis and 328 bis a).

He said Sharif Sami: "Article stipulates that it is prohibited for any natural or legal person that acquires directly or indirectly, on more than one-third of the source of any of the companies engaged in none of the two activities, or any percentage leading to actual control over the capital, but after obtaining the approval of the board of Directors, in accordance with the regulations specified by him, null and void every act otherwise. "

He added that the Board of Directors will issue the required controls after the publication of the amendments in the Egyptian Gazette.

Regulations and organized the event have someone to inheritance or testament Over ratios mentioned or what lead to the actual control of the company.

And stipulated that it had to required adjustments in accordance with the rules laid down by the Board of Directors within a period not exceeding two years from the date of the devolution of this increase is to it, and the consequent lack of conciliation conditions during this period should not have voting rights in the General Assembly or the Board of Directors For well over limit referred to.

The Cabinet approved amendments to the acquisition of the brokerage firms and forwarded to the State Council for review, after an attempt businessman Naguib Sawiris, through Orascom Telecom and Media, and the arm of investment Beltone Holding, the acquisition of CI Capital, a subsidiary of Commercial Bank Ata- Egypt, followed by the two companies Brokerage is an international trading and Dynamic, but the deal did not take place due to some constraints.

East Delta Flour Mills said that the AGM approved the distribution of dividends to shareholders for the fiscal year ended June 30, 2016, by 6.75 pounds per share.

The company added in a statement to the Stock Exchange Egypt, on Sunday, the General Assembly adopted the financial statements for the fiscal year 2015-2016.

The East Delta Flour Mills has reported that the total value of dividends amounting to 40.5 million pounds, equivalent to 63.4% of the profit for the year 2015-2016.

The capital of East Delta Flour Mills about 60 million pounds, divided into 6 million shares, with a nominal value of 10 pounds per share.

The company made the revised lists of income towards the 63.85 million pounds during the fiscal year 2015-2016, compared to 42.77 million pounds the previous fiscal year, to him, an increase of 49%.

Shares in East Delta Flour Mills 4.66% at a price of 56.5 pounds, by 10:41 pm of the day Sunday session.
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