The Law on Investment 2014 is the main foreign investment control legislation. A clearance, commonly know as “an M&A approval”, is required in certain cases where the investment take the form of capital contribution or purchase of shares or capital contribution. Such clearance and its procedure are separate from and must precede a merger filings.
Furthermore, the 49% cap on foreign ownership applies to public companies operating in business lines which are subject to foreign investment condition but where a foreign investment ration has been specified.