Chairman and CEO Requirement The Financial Regulatory Authority (“FRA”) issued a Decree No. 47 of 2020 (“Decree”), published on 19 April 2020, amending the listing and delisting rules and stated that it is prohibited for any person to hold the positions of: (i) Chief Executive Officer or Managing Director; and (ii) Chairman of a company […]

Highlights Cabinet Decree no. 800 of 2020 was recently issued amending the executive regulation of Law no. 17 of 2019 on the reconciliation of construction violations.   Scope of the Decree This Decree provides for the composition of one committee (or more) within the administrative competent authority in order to handle the settlement and reconciliation requests […]

We have published an article last Thursday, 19th of March[1] regarding the impact of recent events surrounding COVID-19 and their effect on employees. We are following-up with some business ideas and their legal risks to address the situation for the benefit of the market in this publication. Misinformation and anxiety are spreading fast in the current circumstances. […]

Now that the spread of the Covid-19 virus (commonly known as the Coronavirus) has been declared as a pandemic by the World Health Organisation, countries are now either encouraging or forcing their citizens to lock-down, while working hard to raise awareness so not to cause mass panic. Public and private sectors alike are implementing different […]

Highlights Cabinet Decree no. 6 of 2020 (the "Decree") was recently issued to further encourage investments that fall under the Investment Law no. 72 of 2017 (the "Investment law")    Scope of the Decree The Decree clarifies the regulatory framework under which expansions to existing investment projects under the Investment Law are entitled to receive […]

Highlights Ultimate beneficial ownership of Egyptian companies is now subject to mandatory disclosure according to the new amendments introduced to the executive regulations of the commercial register law no. 34/1976 by virtue of the ministerial decree no. 41/2020 (the “Amendment”).   Scope of the disclosure The Amendment introduces a new requirement for companies (and other […]

ADSERO – Ragy Soliman & Partners is pleased to announce that it has advised Americana Group, in the successful divestment of its stakes in the Egyptian Starch and Glucose Company (ESGC) (a company listed on the Egyptian Stock Exchange) to Cairo 3A through a Mandatory Tender Offer (MTO) process.The mandatory tender offer (MTO) submitted by Cairo Three was executed on the […]

The Egyptian consumer finance market and the economic apatite were never more suitable for embracing and regulating consumer finance mechanisms. The Egyptian Financial Regulatory Authority (the “FRA”) recently confirmed that: “around 2 million Egyptians are indebted through consumer finance with up to EGP 70 billion. This is a huge amount when compared to bank loans […]

We are happy to announce that our Partner and Head of Arbitration group Yehia Shahine has been selected by the International Centre for Dispute Resolution (ICDR) to serve as a member of the Global Advisory Board (GAB) of the ICDR Young & International (ICDR Y&I) for a three-years term. The Global Advisory Board is the main body […]

VETERAN LITIGATOR OSMAN MOWAFY JOINS ADSERO ADSERO-Ragy Soliman & Associates is proud to announce that seasoned litigator Osman Mowafy has joined the firm as a co-founding partner to lead the firm’s dispute resolution practice group. Mr. Mowafy’s practice spans over 30 years and focuses primarily on representing clients on commercial litigation and arbitration matters. He […]

ADSERO’s M&A team advises Rich Food an Egyptian premier frozen and processed meat and poultry provider on the sale of its majority stake to Ezdehar Egypt Mid-Cap Fund, a private equity fund manager investing in high growth businesses.   You can see full coverage of the transaction published by Enterprise .

Effective this month the General Authority for Investment (GAFI) began to implement the requirements regarding the notification of foreign shareholders as set forth under the recent amendment to the Investment Law by virtue of the law no. 141/2019 (the “Amendment”). The Amendment mandates all companies with foreign shareholders - regardless of the type of law […]