Request for offering shares of a foreign public joint-stock company

Approval of the supervisory authority of the country of incorporation

The company must be listed in the home country market, and that market must be subject to a supervisory authority similar to the CMA

The shares offered for public subscription must be listed in the market

Satisfying all listing requirements applicable to the SCMA and the Market

Issuance of a special decision by the shareholders approving the offering of the company's shares within the state.

Complete the company's issued capital

Designating the parties to the offering process, and the evaluator of the in-kind contributions - if there are in-kind contributions

The shares offered for public subscription in the state shall not exceed (30%) of the company's capital

That the prospectus shall include information parallel to the information required by the CMA

That the foreign company has practiced an independent activity as its main activity, or through one or more of its subsidiaries, during at least three fiscal years

The foreign company must have published audited financial statements for the three fiscal years before the offering request. The latest statements in the prospectus must be within three months of its announcement; otherwise, the CMA may request recent audited statements.

That the foreign company achieved operating profits during the two fiscal years preceding the offering

Publication of a summary of the assessment report together with the notice of the general meeting, outlining the methodologies applied, the key assumptions underlying the assessment, and the factors influencing the financial results