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Article 74 Of Chapter 7
Section: Acquisitions and Protection ofMinority Interests

A Person who acquires directly or indirectly more than 30% of the Securities admitted to trading of a listed shareholding company shall within thirty days from the date of acquisition submit an offer to purchase all the remaining shares traded in the Exchange as per the conditions set in the Bylaws. The following cases shall be exempted from this provision:

1 - Acquisition in consideration of the public interest and in the interest of the remaining shareholders. Any such exemption decision issued by the Authority shall be written and reasoned.

2 - Gaining the stated percentage when the company increases its capital and some shareholders refrain from subscription.

3 - Obtaining the stated percentage because of debt restructure.

4 - Gaining the stated percentage because of an inheritance, a will or a judicial ruling. In such case, the Person shall regularize its situation within not more than two years as from the increase.

5 - Such other cases as provided for in the rules and regulations issued by the Authority.

 

* Article (74) is amended pursuant to Law No. 22 of 2015 Amending Some Provisions of Law No. 7 of 2010 regarding the Establishment of the Capital Markets Authority & Regulating Securities Activities.

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