Back to the complete issue
Thursday, 28 March 2019

Amer Group shareholders reject board’s decision to delist from EGX

Amer Group minority shareholders say no to delisting decision: Minority shareholders of developer Amer Group shareholders have said no to a plan driven by the company’s board of directors to voluntarily delist from the EGX, Al Mal reported. The Financial Regulatory Authority (FRA) had decided that only minority shareholders would be able to vote at the meeting. Shareholders had filed a complaint to the FRA, asking it to take action against company founder and chairman Mansour Amer and lead shareholder Mohamed El Amin for alleged market manipulation. They allege that Amer and Amin intentionally caused the company’s share price to tank when they sold some 73 mn shares over the last six months. 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.

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 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.