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EFSA says violations cited in OTMT's equity transfer

EFSA says violations cited in OTMT's equity transfer
EFSA Chairman Sherif Samy (Photo Credit: Mubasher)
CIB
COMI
-0.64% 81.99 -0.53
Orascom Investment Holding
OIH
-1.86% 0.42 -0.01
Beltone Holding
BTFH
-1.13% 3.51 -0.04

By Ahmed Allam

Cairo – Mubasher Exclusive: Violations were found out when studying the acquisition bid received from Beltone Financial for CIB's investment banking arm CI Capital. Sherif Samy, Chairman of the Egyptian Financial Supervisory Authority (EFSA) said, in a phone call with Mubasher.

The top official explained that those violations are related to commitments made by Naguib Sawiris, the major shareholder in Orascom Telecom Media and Technology (OTMT) following the split-up in 2012.

Under those commitments, a request should have been made to be exempted from submitting a mandatory tender offer for transferring 51.7% equity in OTMT which is owned by Weather Investment to OTMT Acquisition.

However, Samy indicated that such violations could be removed through requesting reconciliation or following legal procedures.

Marawan Hussein, investor relations manager at OTMT and Sameh El-Torjoman, CEO of Beltone Financial declined to comment on the news.

EFSA announced Wednesday postponing a decision on the acquisition bid made by Beltone Financial Holding for CIB's investment banking arm CI Capital.

The market regulator said it would wait a resolution of a court case involving Naguib Sawiris who is a major shareholder in Orascom Telecom Media and Technology (OTMT).