Back to the complete issue
Wednesday, 4 May 2016

OTMT could resolve shareholder structure violations next week

It would appear that OTMT could resolve regulatory violations alleged by the Egyptian Financial Supervisory Authority (EFSA) as early as next week, removing the sole remaining regulatory obstacle to Beltone’s acquisition of CI Capital, sources tell Al Borsa. The backstory almost reads like ancient history now: EFSA might grant OTMT’s majority shareholder an exemption from having to issue a mandatory tender offer to buy out minority shareholders in OTMT. The mandatory tender offer, the regulator reportedly feels, should have been triggered back in 2012 when OTMT’s ownership structure changed during the company’s demerger. The source added that OTMT and Beltone are also working on ironing out any remaining paperwork issues that could trip up the transaction.

Naguib Sawiris appears to be overjoyed, announcing on Twitter that he is forming a working team to come up with an initiative that “will bring happiness to 90 mn Egyptians,” Shorouk reports. What, we’re getting our own UAE-style minister of happiness now? We had really hoped that was a “thing” that had disappeared from our collective memory.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.