Author: Mai El Ghandour

The Financial Regulatory Authority (FRA) gave a nod last November to a proposal that would see the establishment of special purpose acquisition companies (SPACs) come to life for the first time ever in Egypt. The Egyptian Stock Exchange (EGX) Chairman Mohamed Farid said in a statement at that time that SPACs could be a great way to raise the EGX’s market cap and help the local startup ecosystem flourish. A SPAC is a shell company that has no commercial operations, set up by investors solely for the purpose of merging and/or acquiring other companies – mostly up-and-coming startups. Thus, SPACs…

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