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Wednesday, 13 March 2019

Amer Group minority shareholders file FRA complaint against management

Amer Group minority shareholders allege stock manipulation ahead of delisting vote: Minority shareholders of Amer Group have filed a complaint against the company’s management ahead of a vote to delist the group from the Egyptian Exchange, according to a report in the domestic press. The complaint to the Financial Regulatory Authority (FRA) asks the regulator to take action against company founder and chairman Mansour Amer and lead shareholder Mohamed El Amin, alleging they engaged in stock manipulation as they sold some 73 mn shares over the last six months, tanking the share price as they did so, Al Mal reports. The complainants want the FRA to unwind the trades and to order an independent fair value study to set the price at which the company will buy out their shares during a planned delisting process.

Background: The company’s board called earlier this month for shareholders to vote on March 27 to delist the company's shares from the stock exchange. The FRA decided that only minority shareholders will be able to vote at the meeting.

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