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Egypt watchdog suspends QInvest-EFG deal-news agency
July 25, 2012 / 12:39 PM / 5 years ago

Egypt watchdog suspends QInvest-EFG deal-news agency

CAIRO, July 25 (Reuters) - Egypt’s financial regulator has suspended a joint venture deal between Egyptian investment bank EFG-Hermes and Qatar’s Q-Invest, approved by shareholders on June 2, the state news agency said on Wednesday.

“The Authority approved the assembly in form but refused it in terms of content, procedures and decisions,” the head of the Egyptian Financial Supervisory Authority (EFSA) Ashraf El-Sharkawy was quoted as saying to the state news agency MENA.

EFSA rejected decisions made at EFG’s annual meeting last month because the firm did not clarify various points regarding the deal including the fate of minority rights after it is completed, MENA cited Sharkawy as saying. (Reporting by Shaimaa Fayed. Editing by Jane Merriman)

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