Lead Woman Event Highlights Women's Leadership in Egypt's Energy Sector    Egypt's c.bank chief tells AMF summit financial challenges require stronger supervisory action    Egypt's Top 50 Women launches national STEM & AI Challenge Competition    Egypt's PM reviews major healthcare expansion plan with Nile Medical City    Saudi c. bank cuts repo, reverse repo rates by 25 basis points    UN rejects Israeli claim of 'new Gaza border' as humanitarian crisis worsens    Deli Group breaks ground on new factory in 10th of Ramadan City    Egypt's Cabinet approves development of Nasser Institute into world-class medical hub    Egypt reports sharp drop in waste burning incidents during autumn 2025    Servier Egypt launches Tibsovo as first targeted therapy for IDH1-mutated cancers    UNESCO adds Egyptian Koshari to intangible cultural heritage list    Egyptian Cabinet prepares new data law and stricter fines to combat misinformation    Egypt's exports rise 28.2% in September 2025 as trade deficit narrows    UNESCO adds Egypt's national dish Koshary to intangible cultural heritage list    Blair dropped from US Gaza governance plan after Arab objections    Egypt's Abdelatty urges rapid formation of Gaza stability force in call with Rubio    Egypt calls for inclusive Nile Basin dialogue, warns against 'hostile rhetoric'    Egypt joins Japan-backed UHC Knowledge Hub to advance national health reforms    Egypt recovers two ancient artefacts from Belgium    Egypt, Saudi nuclear authorities sign MoU to boost cooperation on nuclear safety    Giza master plan targets major hotel expansion to match Grand Egyptian Museum launch    Australia returns 17 rare ancient Egyptian artefacts    China invites Egypt to join African duty-free export scheme    Egypt calls for stronger Africa-Europe partnership at Luanda summit    Egypt begins 2nd round of parliamentary elections with 34.6m eligible voters    Egypt warns of erratic Ethiopian dam operations after sharp swings in Blue Nile flows    Egypt scraps parliamentary election results in 19 districts over violations    Filmmakers, experts to discuss teen mental health at Cairo festival panel    Egypt golf team reclaims Arab standing with silver; Omar Hisham Talaat congratulates team    Egypt launches Red Sea Open to boost tourism, international profile    Omar Hisham Talaat: Media partnership with 'On Sports' key to promoting Egyptian golf tourism    Sisi expands national support fund to include diplomats who died on duty    Egypt's PM reviews efforts to remove Nile River encroachments    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt Regulator Examines Beltone Director's EFG-Hermes Trades - Sources
Amwal Al Ghad Published in Amwal Al Ghad on 16 - 06 - 2014

Egypt's financial market regulator is examining share trades made by a board member at Beltone Financial two days before Beltone's bid for a stake in investment bank EFG Hermes, two people familiar with the matter said.
Beltone has joined up with billionaire Naguib Sawiris to bid $257 million for a 20 percent stake in EFG Hermes, one of the biggest investment banks in the Middle East.
The offer, submitted to the Egyptian Financial Supervisory Authority (EFSA) on June 5, suggests a potential revival of dealmaking in Egyptian equities after more than three years of stagnation following the overthrow of Hosni Mubarak in 2011.
"One member of Beltone's board of directors bought more than 255,000 EFG Hermes shares in his own name and that of a company belonging to him over two days before the formal offer was presented to the financial regulator," one of the sources said.
"A sister of another board member at Beltone also bought (shares) two days before the offer and the financial regulator is looking into the case," the source added.
The sources said the deals being investigated were made between June 2 and 3 and the two individuals had bought further EFG Hermes shares one day before the June 5 announcement.
Those subsequent purchases did not go through because the stock exchange decided to cancel all prior-day trading in EFG Hermes when the bid was announced.
Egypt financial market rules prohibit share trading based on information that is not available to the public. The stock exchange monitors the market and tips off EFSA when it suspects insider dealing.
EFSA Chairman Sherif Samy said: "We do not comment on the validity of any transactions in the market that are under suspicion".
Shares in EFG Hermes have risen from around 13 Egyptian pounds before the announcement of the share offer to close at 15.28 pounds on Sunday. The stock was down 0.7 percent at 15.26 pounds on Monday.
A person at Beltone who declined to be named said the non-executive board member who bought shares in EFG Hermes ahead of the formal announcement was not aware of Beltone's share offer before a board meeting on June 4.
"Only the executives in Beltone's board of directors were aware of the offer," he said.
Source: Reuters

Clic here to read the story from its source.