Highlights Decree No. 276 of 2020 dated 2 June 2020 (“Decree”) issued by Minister of Finance establishes a new program under the name of the “Authorized Economic Operator Program (“AEO”)” and sets out the criteria and benefits of said program.   Scope of the Decree The Authorized Economic Operator program is opened to any person […]

Highlights Decree No. 61 of 2020 dated 8 April 2020 (“Decree”) issued by the Egyptian Financial Regulatory Authority (the “FRA”) outlining the corporate governance rules and regulations of the consumer finance companies.   Main Points of the Decree 1. Board of Directors (“BoD”):•  The majority of the board members should be non-executive ones; including a […]

Highlights Law No. 26 of 2020 was issued on 7 May 2020 amending some provisions of the Income Tax Law No. 91 of 2005 (the “Amendment”), including adding new tax rates and tax brackets as well as increasing the annual personal exemption to EGP 9,000.   Scope of Amendment The Amendment introduces the following new […]

Highlights In response to the COVID-19 outbreak and its financial implications, the Egyptian government has taken numerous measures and issued a number of decrees to support the Egyptian economy and businesses during these challenging times. In line with such measures, on 7 May 2020, the Law No. 24 of 2020 on Setting-out Financial Rules for the Ramifications of the Novel Coronavirus (the […]

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 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 […]