Article 72 of Capital Markets Authority Law

A person wishing to submit a takeover offer shall provide a copy of the offer documents, accompanied by the essential data and information, to each of the Authority, the exchange and the issuer of the securities mom the subject of the takeover offer. The person making the offer must obtain the Authority’s approval before proceeding with the takeover offer procedures. The Authority may, within a maximum period of ten working days, review the statement and offer documents and issue its approval. The Authority shall refrain from issuing its approval in the following cases: 1 - The offer is inconsistent with the provisions of this Law and the Executive Regulations. 2 - The offer is not accompanied by the required application fees. - The offeror fails to provide the data required under the provisions of this Law or its Executive Regulations. - The offer contains an incorrect statement or is incomplete, and this would affect the decision of shareholders.