CMA LAW: Provisions of the Mandatory Acquisition

As the Capital Markets Authority is keen to enhance legal awareness, and protect the dealers in securities;

The Authority draws the attention of all investors and dealers to the importance of their abidance by the provisions of the mandatory acquisition which oblige any subsidiary or allied parties, within thirty days of their direct or indirect ownership of over 30% of voting shares in any company listed on the Stock Exchange, to submit an offer for obtaining all remaining shares of the same category.

The Authority also draws the attention of all persons who - solely or with other subsidiary or allied parties – have owned a percentage of over 30% of the shares of a listed company, prior to the issuance of the Executive Bylaw of Law No. 7/2010, that they should submit the mandatory acquisition offer once any increase occurs to their ownership percentage over the one above mentioned.

The Authority emphasizes that the offeror and the offeree company shall disclose the mandatory acquisition offer, and shall not delay the disclosure even if the related information are not all available, provided that the information shall be included in a later disclosure.