Cairo – Mubasher: The Egyptian Company for International Touristic Projects (Americana Egypt) announced that its major shareholder submitted a complaint against the Financial Regulatory Authority (FRA) for rejecting its mandatory tender offer (MTO).

No date has been determined yet for reviewing the complaint which was submitted on 19 November, the company said in a statement to the Egyptian Exchange (EGX) on Thursday.

Earlier, the FRA rejected Americana Group's MTO for acquiring the remaining shares of Americana Egypt and ordered the company to appoint another independent financial advisor approved by the FRA to conduct a new fair value (FV) study within a month.

In November, Americana Group submitted a request to acquire a 9.65% stake in Americana Egypt to top up its stake to 100%.

Americana Egypt’s capital reaches EGP 400 million, distributed over 400 million shares at a nominal value of EGP 1 per share.