الهيئة العامة للرقابة المالية

• Catalyst Partners Middle East Files for SPAC License

Catalyst Partners Consulting has submitted a SPAC application to the Financial Regulatory Authority (FRA) through Matouk Bassiouni & Hennawy. The proposed SPAC, “Catalyst Partners Middle East (CPME),” is a venture capital aims at acquiring NBFIs and fintech companies. This step follows the issuance of FRA’s Board decree No. 140 and 148 of 2024 regulating SPACs.

FRA has announced new regulations governing listing and delisting of Special Purpose Acquisition Companies (SPACs) on the Egyptian Stock Exchange (EGX). These regulations outlined in Decrees No. 140 and 148 of 2024 which amend FRA’s Board Decree no.11 of 2014.

These regulations aim to create new financing channels for non-bank financial institutions (NBFIs) and fintech startups through the Egyptian Exchange. By expanding access to capital, this move will foster growth within the fintech sector and broaden the reach of financial services.

SPACs are companies licensed by FRA solely to raise cash fund, through an initial public offering (IPO), for the purpose of acquiring or merging with an operating business (the target company), where the initial public offering (IPO) restricted to qualified investors and institutions. SPACs shall acquire the target company within a two-year timeframe from date of its initial listing and in accordance with specific regulations.