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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.

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