Egypt's stocks slightly up on Sunday, Egyptians net buyers

Ahram Online , Sunday 17 Apr 2016

Egypt
Egypt's stocks (Reuters)

Egypt's main index EGX30 edged up on Sunday by 0.72 percent to register 7,517 points driven by Egyptian institutions, which were net buyers to the tune of EGP 24 million.

Daily stock turnover was at an average level of EGP 571.5 million.

Blue chip Commercial International Bank (CIB) dipped 0.53 percent to EGP 39.5 per share, while Orascom Media and Technology (OTMT) Holding gained 2.78 percent to EGP 0.74 a share.

OTMT and CIB issued statements published on the bourse on Sunday clarifying that they will still pursue the acquisition deal after a decision by the financial regulator to delay its approval for OTMT's offer to buy CIB's investment arm CI Capital through its subsidiary Beltone Financial.

According to the OTMT statement, its investment arm Beltone financial extended its offer 14 days to 28 April.

On Wednesday, the Egyptian Financial Supervisory Authority decided to postpone its approval, citing a pending court appeal made by several CI Capital shareholders refusing to sell their shares, as well as the resolution of OTMT violations of pre-existing pledges to the financial regulator.

Egyptian business tycoon and Orascom Telecom CEO Naguib Sawiris had expressed fears last month that the government was delaying the approval necessary to complete his acquisition of CI-Capital over "national security" concerns.

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