FSA asks 4 companies to set fair value study after exceeding 50%

Updated 8/21/2016 1:10:57 PM

Arab Finance: Egyptian Financial Supervisory Authority (EFSA) asked Beltone Financial Holding (BTFH), Egypt - South Africa for Communication (ESAC), The International Company for Medical Industries (ICMI) and Arab Development & Real Estate Investment (ADRI) to set a fair value study for the company’ share.

FSA said the companies 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.

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