Cairo – Mubasher: Global Telecom Holding on Monday announced that Naeem Financial Investments, a subsidiary of Naeem Holding, has apologised to prepare the fair value (FV) report of the company’s shares for the capital increase.

Naeem has declined from setting Global Telecom’s FV as the stock holds current shares in the six months prior to the date of choosing the independent financial advisor in Naeem’s subsidiaries specialised in the securities market, particularly portfolio and fund management and trading, according to a filing to the Egyptian Exchange (EGX).

The company added that this contradicts with the independence condition stipulated in the Financial Regulatory Authority's  (FRA) 2017 decision.

Last week, the board of Global Telecom decided to hire Naeem Financial Investments as an independent financial advisor to set the FV for the company’s shares in order to raise its capital.