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Tuesday, 4 February 2020

Egypt’s FRA grievance committee rejects Adeptio’s complaint over Americana MTO dispute

DISPUTE WATCH- Grievance committee rejects Adeptio’s cases against the FRA over Americana MTO dispute: The Financial Regulatory Authority’s (FRA) grievance committee has rejected Adeptio’s appeal against the market regulator’s decision to reject its mandatory tender offer (MTO) for a minority stake in the Egyptian International Tourism Projects Company (Americana) last November, according to a committee disclosure to the bourse (pdf). The committee said the financial advisor appointed to conduct the company’s fair value assessment had been in violation of fair evaluation practices. The committee also upheld (pdf) the FRA’s decision to require Adeptio to hire a new financial advisor to conduct a fresh evaluation, and submit a new MTO.

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