Cairo – Mubasher: The Egyptian Exchange (EGX) on Monday announced suspending trading on Raya Holding for Financial Investment’s (Raya) stocks until receiving a further note from the Financial Regulatory Authority (FRA).
The Egyptian regulator has requested the group’s chairman and managing director, Medhat Ibrahim Khalil, to present a mandatory tender offer for 100% of stocks, according to a bourse statement.
The FRA said that the suspension decision came after Raya Group exceeded its allowed acquisition percentage.
The bid price should not be less than the stock’s average trading price during the past six months, it added.
In the same vein, Khalil submitted an appeal against the FRA’s decision, asking for an independent evaluation insider or an advisor to set the stock’s fair price.
The group's chairman and biggest shareholder also asked for reducing the time period for calculating the stock's average trading price, referring to the high prices in the market during the past 6 months.
