The move comes as part of the authority’s initiative to facilitate work among companies and providers of consumer finance services. It aims to contribute to increasing the purchasing power of the community.
The discount will be applied in a range of circumstances when SMEs apply to obtain the FRA’s approval for public offering prospectuses. It is to be applied during incorporation or capital increase, and when shares are issued for a merger, split, or in case of issuing shares in excess of profits or reserves.
FRA Chairperson Mohamed Omran said that the approval will support the Egyptian state’s adoption of a policy providing a remote work environment based primarily on the safe exchange of information and supervision.
In late August, IMEX International submitted a compulsory purchase offer on up to 52.99 million NCGC shares, at a cash price of EGP 50/share. The purchase offer stipulates that the acquisition percentage should not be less than 51% of the company’s shares.