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Sunday, 30 July 2017

National Media Authority objects to NIB’s purchase of Nilesat

The National Media Authority objected to the government-owned National Investment Bank’s (NIB) offer to acquire a 40.06% stake in the Egyptian Satellite Company (Nilesat), as NIB is indebted to the Egyptian Radio and Television Union, authority head Hussein Zein tells Al Masry Al Youm. NIB’s debts have reached EGP 28 bn on the back of an initial EGP 8 bn loan from the former Media Ministry, claims Zein. The Egyptian Financial Supervisory Authority had exempted the bank from presenting a mandatory tender offer last week. NIB already owns 10% of the company; other shareholders include Egyptian Investment Projects at 8.8%, the National Bank of Egypt at 7.5%, and Banque Misr at 7.5%

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