We are pleased to announce that Matouk Bassiouny & Hennawy (“MBH”) acted as legal counsel to Catalyst Partners in connection with the establishment of Egypt’s first Special Purpose Acquisition Company (“SPAC”) according to resolution No. 2323 of 2024. This significant milestone follows the issuance of Financial Regulatory Authority (“FRA”) board of directors’ resolutions No. 140 and 148 of 2024.

Egypt’s first SPAC will be named Catalyst Partners Middle East (“CPME”), and has been established with an issued and paid-up capital of approximately EGP 10 million. CPME will focus on acquiring companies in the non-banking financial services and financial technology sectors, with a particular emphasis on companies engaged in finance, diverse financial services, and payment platforms.

The MBH team advising on the transaction was led by Mohamed Abdel Fattah (Partner and Head of Capital Markets) and included Khaled Abdelwahab (Senior Associate).

Head of Capital Markets, Mohamed Abdel Fattah, commented saying: “The FRA amendments contribute to removing all obstacles that stood in the way of establishing SPAC companies, and it is expected that the coming period will witness the establishment of more SPACs, which in turn will enhance the activity of acquisitions and mergers on the Egyptian Stock Exchange, and open the door to institutions, funds, and investors with strong financial solvency in pumping more investments into companies that have growth opportunities.”

For more about Matouk Bassiouny, check out our website at https://matoukbassiouny.com/.