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FSA: 4 companies submit fair value studies after exceeding 50%

FSA: 4 companies submit fair value studies after exceeding 50%

Arab Finance: Egyptian Financial Supervisory Authority (EFSA) announced that it received 4 fair value studies submitted by Beltone Financial Holding (BTFH) , Egypt - South Africa for Communication (ESAC) , The International Company for Medical Industries (ICMI) and Arab Development & Real Estate Investment (ADRI) .

Last August, FSA asked those companies to set a fair value study for the company’ share, as they are committed to hire Independent Financial Advisor to set the study and send it within 30 days from FSA’s request by maximum of September 27, 2016.

EFSA added in its statement sent to EGX, that it will review the studies.

According to article 34, the company will be obligated to submit fair value study in case its stock highly changed (representing 50%-75%) in a short period (didn’t exceed three months- six months), which does neither match the company’s financial results, market indices' direction, the sector belongs to it nor material news.

Source: EGX & Arab Finance editor

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