Article 250 of Companies Law

Subject to the provisions of this Law, any company may convert from one legal form to another. The conversion shall be effected by a resolution issued in accordance with the provisions and procedures prescribed for amending the company's memorandum of association, provided that at least two financial years have elapsed since its registration in the Commercial Register. The company's conversion shall not be completed until the procedures prescribed for that purpose have been fulfilled, the publication and announcement procedures have been undertaken, and a report valuing the company's assets and liabilities has been prepared in accordance with the provisions for valuing contributions in kind set forth in the first paragraph of Article 11 of this Law. The Executive Regulations shall specify the conditions and procedures for conversion.