Article (245)
A closed joint-stock company may turn into a public joint-stock company if it has fulfilled the following provisions:
a— The nominal value of issued shares have been fully paid.
b— At least two financial years must have already elapsed.
c— The company must have realized, through exercising the activities for which it was established, distributable net profits of not less than 10% of the capital on average during the two financial years preceding the application for conversion.
d— The conversion resolution shall be issued by the extraordinary general assembly of the company by a majority of three-quarters of the shares of those present.
e— The issue of a decision by the Ministry of Commerce and Industry declaring the conversion of the company into a public joint-stock company, and this decision shall be published together with the company's Memorandum and Articles of Association at the expense of the company.
The Minister of Commerce and Industry may, in some cases, stipulate on the incorporation of the closed joint-stock company the conversion thereof into a public joint-stock company if the public good so requires.