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Tuesday, 17 December 2019

Sameem Capital files legal complaint with Egypt’s FRA against Prime Holding

Sameem Capital has lodged a legal complaint with the Financial Regulatory Authority (FRA) against Prime Holding over Prime’s most recent board meeting, according to the local press. Sameem is alleging the meeting violated the company’s bylaws, although it remains unclear in what way. The company is asking the FRA to refrain from ratifying the outcomes of the board meeting. Sameem, which previously raised its stake in Prime Holdings to 27%, had filed a lawsuit last year to disband Prime’s board of directors and be represented on the newly formed board on the ground that the original board was not managing the company effectively.

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