Back to the complete issue
Wednesday, 6 March 2019

Americana’s Adeptio to challenge FRA rejection of MTO-related appeal before court

M&A WATCH- Americana’s Adeptio to challenge FRA rejection of its appeal against MTO decision: The Egyptian International Tourism Projects Company’s (Americana Egypt) main shareholder Adeptio AD Investments will challenge before an administrative court the Financial Regulatory Authority’s (FRA) rejection of its appeal against an order to submit a mandatory tender offer (MTO) for Americana Egypt, the company said in an EGX disclosure (pdf). The FRA earlier this week rejected Adeptio’s appeal, asking the company to conduct a study on the fair share value, the authority said in a statement (pdf). Adeptio argues that its indirect ownership of Americana Egypt is less than 90% of its total capital and therefore does not require an MTO submission.

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; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.