Cairo – Mubasher: Raya Holding for Financial Investment plans to appeal a court ruling that imposed a fine of EGP 110 million on the company, according to a bourse disclosure on Tuesday.

Egypt’s Cairo Economic Court fined the company’s chairman and managing director Medhat Khalil and his associates EGP 200,000 each and ordered them to pay back EGP 110 million, the value of acquired shares that exceeded the maximum ownership limit.

In 2018, the Financial Regulatory Authority (FRA) ordered Khalil to submit a mandatory tender offer (MTO) for the acquired shares in Raya after exceeding the maximum ownership limit. 

Despite submitting an MTO worth EGP 320 million, the FRA imposed a fine of EGP 11 million on the chairman, Khalil noted.