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Thursday, 1 February 2018

EGX had reportedly been investigating El Nozha Int’l stocks prior to complaint

EGX had reportedly been investigating trade in El Nozha shares prior to complaint: The EGX is currently investigating transactions on shares of El Nozha International Hospital from January 2017 until the 18 January 2017, when Cleopatra Hospitals Group filed for a mandatory tender offer to acquire 100% of the 110-bed Heliopolis hospital, an EGX source tells Al Borsa. The source, who spoke on condition of anonymity, said that the bourse had been investigating the transactions prior to El Nozha’s board raising concerns about alleged stock market manipulation of its shares in months preceding Cleopatra Hospitals MTO. They added that the volume of transactions was not large and that the EGX will conclude its investigation shortly. As we noted yesterday, El Nozha’s board had brought the allegations and their relation to Cleo’s hostile takeover bid to the Financial Regulatory Authority.

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