Arab Finance: The Financial Regulatory Authority (FRA) has rejected an offer submitted by UAE-based Sagasse Investment to fully acquire Elsewedy Electric Company, according to a bourse filing.

The FRA attributed its decision to several reasons, most notably the Emirati company's recent establishment and its lack of actual operational activity.

Sagasse Investment, a majority shareholder in Electra Investment Holding Restricted Limited, which owns 18.87% of Elsewedy Electric, raises suspicions of a conflict of interest aimed at achieving disproportionate benefits for minority shareholders, the FRA added.

Last September, Elsewedy Electric signed an investment agreement worth $2.5 billion with the Algerian Investment Promotion Agency (AAPI).

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