The Egyptian Financial Supervisory Authority (EFSA) announced that the complaint submitted by Eng. Mohamed Ali Kamel Metwalli against the market regulator’s decision, dated February 16, 2014, to revoke the share in-kind presented by Metwalli and and Fekria Abdel Hamid Ahmed in Arabia Investments, Development, Financial Investment Holding Co. was accepted in form and rejected in substance.
The company’s general meeting revoked an earlier approval, dated June 7, 2008, on capital increase by the value of share in-kind presented by Mohamed Ali Kamel Metwalli and Fekria Abdel Hamid Ahmed and capital decrease by the same value
EFSA Chairman Sherif Samy said earlier there is no objection to ratifying the minutes of the company’s ordinary general meeting. Investors took their decisions according to the best interest of the company, Samy told Al Wafd newspaper.