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ArabFinance: Egyptian President Abdel Fattah El-Sisi has issued a law amending the Capital Market Act, including the introduction of future flow securitization, according to the Official Gazette.
The amendments allow securitization companies to issue tradable bonds whose yields shall be used to fund public or private judicial persons in exchange of future cash flows.
These future cash flows must be created for public or private judicial persons, not restricted or conditioned, and bear no entitlement.
The new law obligates holders of securities and financial instruments listed on the Egyptian Exchange (EGX) to provide shareholders with electronic systems that enable them to attend general assembly meetings and vote remotely.
