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Sunday, 16 December 2018

What we’re tracking this week and beyond

FRA to look into an appeal by Raya’s Khalil on 23 December: The Financial Regulatory Authority (FRA) will hold a hearing on 23 December to review the conditions it set for Raya Holding founder Medhat Khalil’s mandatory tender offer (MTO) to take Raya private, local news reported. A prior hearing was held on 3 December, according to the reports. Khalil had appealed last month the conditions under which the FRA ordered him to execute a MTO for 100% of Raya upon determining that he and his family own more than the threshold 33% required to trigger an MTO. Khalil asked for a two-month deadline extension, and requested, among other things, to appoint an independent financial advisor to determine the fair value for Raya.

Administrative court postpones hearing on Beltone appeal to 5 January: An administrative court has postponed to 5 January a hearing on Beltone Financial’s appeal against a six-month suspension to its investment banking arm, Youm7 reported. The Financial Regulatory Authority suspended Beltone’s investment banking arm last month, alleging there were “irregularities” in the IPO of structured- and consumer-finance player Sarwa Capital, which Beltone managed. The firm has denied any wrongdoing. The FRA is also scheduled to hear a grievance appeal by Beltone on Monday, 17 December.

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