Mohamed Maher, president of the Egyptian Securities Association and CEO of Prime Holdings, said the Financial Supervision Commission should seek their approval when companies acquire 10% or more of their shares.
Maher said in an interview with “Al Arabia” that the latest amendments cover the need for prior approval. Exercising due diligence.
He pointed out that the matter was taken up in comparison to the restrictions imposed by the central bank on banks operating in Egypt.
Maher continued: “The auctioneer receives confidential data at the request of the company’s clients and work organizations with due diligence.”
Furthermore, he pointed out that this matter does not preclude the contract, but rather guarantees the firm or its shareholders the commitment to inspection controls without violating the seriousness of the provider and the confidentiality of customer information.
He added that the authority’s decision came in conjunction with an offer to acquire Abu Dhabi’s Hermes in the first place: “Hermes is engaged in non-bank financial transactions and holds a controlling stake in a bank, which also requires approval. The central bank of the agreement.”
Maher expected that there would be opportunities to increase the price of the offer submitted for the acquisition because it was higher than the market price in effect at the time the offer was announced, but lower than the reasonable value estimated by research firms in Egypt. Priced between 20-27 pounds.
He pointed out that First Abu Dhabi Bank has expressed the opportunity to enhance the offer on its share if needed, explaining that the independent financial adviser will have a greater role in determining the true value of the deal.
“Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator.”
