Egypt’s first-ever special purpose acquisition company, known as a SPAC, will merge with or acquire another company to list on the stock exchange, the head of the country's financial regulatory authority said.
Mohamed Omran explained that the SPAC will be established no later than next month, February.
Last November, the FRA announced the rules and regulations for listing and writing off securities on the Egyptian bourse. It also introduced an article that allows the registration of SPAC shares.
The authority approved setting a number of controls for targeted investment in line with the primary objective of establishing SPACs as a preferred method for many experienced founders and major shareholders.
