Cairo – Mubasher: Telecom Egypt (TE) on Wednesday said that the lawsuit for annulling the issuance of 20% of its shares for public subscription has been postponed to 3 August 2016, according to a bourse filing.
The court previously postponed the lawsuit from 10 May to 21 June.
The problem arose in 2005 when TE floated 20% of its shares, amounting to 340 million shares at par value of EGP 10 each.
The commissioner’s authority had said that the subscription prospectus endorsed by the Egyptian Financial Supervisory Authority (EFSA) on 28 November 2005 may be invalid.
