Back to the complete issue
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.

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; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.