1. Subject to the provisions of Article [299] of this Decree Law, a Public Joint Stock Company may be converted into a Private Joint Stock Company subject to the following conditions: a. The approval of the joint committee set up by resolution of the Minister among the Ministry of Economy, the Securities & Commodities Authority and the Competent Authority, to consider the application for conversion to a Private Joint Stock Company; b. The completion of five [5] audited fiscal years of the date of registration in the commercial register as a Public Joint Stock Company. After filing an application for conversion into a Private Joint Stock Company, the Company may not file an application for converting back into a Public Joint Stock Company except after the completion of 5 audited fiscal years of the date of registration in the commercial register as a Private Joint Stock Company; and c. A Special Resolution of the General Assembly approving the conversion by the majority vote of shares representing 90% of the Capital of the Company. 2. Save for Public Joint Stock Companies, a Company may convert into a General Partnership, a Limited Partnership, a Limited Liability Company or a Private Joint Stock Company subject to the following conditions: a. A duly passed resolution to amend the MOA and AOA of the Company. b. The completion of at least 2 audited fiscal years of the Company of the date of its registration in the commercial register. c. Unanimous consent of the shareholders if the application is for conversion into a Joint Liability Company. d. Completion of the applicable incorporation and registration process for the proposed conversion.
Interpretation and application must be checked against the official text and current version.