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Beltone's lawsuit against EGX, EFSA postponed

Beltone's lawsuit against EGX, EFSA postponed
Trading on the stock was suspended for 46 sessions during February-June 2016
Beltone Holding
BTFH
-2.82% 3.45 -0.10

By Mahmoud Salah El-Deen

Cairo – Mubasher: Beltone Financial’s lawsuit against the Egyptian Exchange (EGX) over trading halt on its stock has been adjourned, said Atef El Sherif, the former EGX chairman and founder of El Sherif Law Firm & Consultants.

“Egypt’s Administrative Court had adjourned the lawsuit until 11 September after the Egyptian Exchange took all legal procedures to combine the two separate lawsuits into one”, El Sherif told Mubasher.

Trading on the stock was suspended for 46 sessions during February-June 2016, according to Mubasher database,

The first lawsuit no. 58364/70 was submitted by Beltone against Mohamed Omran, EGX chairman, and Sherif Samy, EFSA chairman, in order to invalidate all canceled transactions and trade halts.

Meanwhile, the second one no. 59346/70 was raised by Atef El Sherif in his capacity as a shareholder in the company for seeking physical as well as moral damages.

The stock quote rose by 2.8% to EGP 9.71 per share on Sunday by 1:36pm Cairo time.