ExxonMobil's Nigerian asset sale nears approval    Argentina's GDP to contract by 3.3% in '24, grow 2.7% in '25: OECD    Chubb prepares $350M payout for state of Maryland over bridge collapse    Turkey's GDP growth to decelerate in next 2 years – OECD    EU pledges €7.4bn to back Egypt's green economy initiatives    Yen surges against dollar on intervention rumours    $17.7bn drop in banking sector's net foreign assets deficit during March 2024: CBE    Norway's Scatec explores 5 new renewable energy projects in Egypt    Egypt, France emphasize ceasefire in Gaza, two-state solution    Microsoft plans to build data centre in Thailand    Japanese Ambassador presents Certificate of Appreciation to renowned Opera singer Reda El-Wakil    WFP, EU collaborate to empower refugees, host communities in Egypt    Health Minister, Johnson & Johnson explore collaborative opportunities at Qatar Goals 2024    Egypt facilitates ceasefire talks between Hamas, Israel    Al-Sisi, Emir of Kuwait discuss bilateral ties, Gaza takes centre stage    AstraZeneca, Ministry of Health launch early detection and treatment campaign against liver cancer    Sweilam highlights Egypt's water needs, cooperation efforts during Baghdad Conference    AstraZeneca injects $50m in Egypt over four years    Egypt, AstraZeneca sign liver cancer MoU    Swiss freeze on Russian assets dwindles to $6.36b in '23    Amir Karara reflects on 'Beit Al-Rifai' success, aspires for future collaborations    Climate change risks 70% of global workforce – ILO    Prime Minister Madbouly reviews cooperation with South Sudan    Ramses II statue head returns to Egypt after repatriation from Switzerland    Egypt retains top spot in CFA's MENA Research Challenge    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    Debt swaps could unlock $100b for climate action    President Al-Sisi embarks on new term with pledge for prosperity, democratic evolution    Amal Al Ghad Magazine congratulates President Sisi on new office term    Egyptian, Japanese Judo communities celebrate new coach at Tokyo's Embassy in Cairo    Uppingham Cairo and Rafa Nadal Academy Unite to Elevate Sports Education in Egypt with the Introduction of the "Rafa Nadal Tennis Program"    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    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.



Beltone sues EGX chairperson for repeatedly canceling trading on its transactions
Cancellation of operations caused serious damage to the reputation of the company, with a negative impact on shareholders
Mohamed Ayyad Published in Daily News Egypt on 26 - 06 - 2016

Egyptian business tycoon Naguib Sawiris' Beltone Financial Holding Company filed a lawsuit against the head of the Egyptian Exchange (EGX) and head of the Egyptian Financial Supervisory Authority (EFSA) in response to the repeated cancellation of trades on the company's shares, according to former chairperson of the EGX and founder of El-Sherif Law Firm and Consultants Atef El-Sherif.
Beltone shares skyrocketed by 550% over three months and the company's market value boosted to over EGP 4bn, before the EGX board began canceling operations and transactions on shares almost daily since late February. This occurred due to the shares' high and "unjustified price", according to EGX.
El-Sherif told Daily News Egypt that this caused serious damage to the reputation of the company, which impacted its shareholders, and led to the collapse of its market value.
Beltone is one of the largest financial institutions in Egypt. It owns 18 subsidiaries operating in investment, asset management, securities, and IPO coverage. Sawiris acquired Beltone in November last year for EGP 650m.
The lawsuit demands for material and moral damages that came unto the company and its shareholders, given EGX's actions.
Beltone has a capital of EGP 325.483m, divided across 162,741,000 shares—each of a nominal value of EGP 2.

Clic here to read the story from its source.