– Catalyst Partners, via its legal advisor Matouk Bassiouny & Hennawy, has submitted Egypt’s first request to establish a special-purpose acquisition company (SPAC) to the Financial Regulatory Authority (FRA).

– The request aligns with FRA’s recent decisions (No. 140 and 148 of 2024) that regulate the establishment and operation of SPACs, aimed at facilitating acquisitions in non-banking financial services and fintech sectors.

– This initiative seeks to create a new financing avenue through the Egyptian Exchange for non-banking financial activities and digital platforms, enabling companies to raise capital from qualified investors and institutions for acquisitions within a two-year timeframe.

Catalyst Partners, through its legal advisor Matouk Bassiouny & Hennawy, has submitted a request to Egypt’s Financial Regulatory Authority (FRA) to establish the country’s first special-purpose acquisition company (SPAC).

SPACs are venture capital companies established and licensed by the FRA with the sole purpose of acquiring other companies across various economic sectors.

The request follows the issuance of FRA Board of Directors’ Decisions No. 140 and 148 of 2024, enabling Catalyst Partners Middle East (CPME) to operate as a venture capital company targeting acquisitions in non-banking financial services and fintech sectors.

This move aims to create a new financing channel via the Egyptian Exchange for non-banking financial activities and digital platforms in financial technology, capitalizing on the growth opportunities in these sectors.

The SPAC will raise necessary funds through capital increases in private subscriptions limited to qualified investors and financial institutions, with a commitment to acquire target companies within two years of its provisional stock exchange listing.