24 Hrs
Source:
بوابة الفجر
Source: بوابة الفجر
24 Hrsبوابة الفجر
Source: بوابة الفجر
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The Board of Directors of the General Authority for Financial Control has issued a decision to amend the conditions for converting real estate development companies into real estate investment funds. The purpose is to consider the unique nature of the activity and reduce the requirements for calculating equity rights. The decision now requires that the company's net equity be at least 500 million EGP, excluding the amounts resulting from asset revaluation. Subscription to the fund's certificates is permitted using the remaining equity after the conversion. Additionally, the condition excludes the asset or investment ratio, and takes into account borrowing restrictions set at no more than 60% of the fund's certificates' value. This aims to facilitate the transformation process while maintaining the companies' operational commitments.
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