EFSA exempts OTMT Acquisition, Americana Group from presenting mandatory tender offers on their acquisitions

The Egyptian Financial Supervisory Authority (EFSA) has exempted OTMT Acquisition from the requirement to launch a mandatory tender offer to acquire 51.66% of the shares of OTMT in the context of the demerger of Orascom Telecom executed in February 2012. The regulatory filing by OTMT also notes that EFSA approved the conciliation submitted by OTMT Investments and OTMT Acquisition to settle the contraventions relating to the undertaking issued by OTMT Investments on the demerger after paying the necessary fines, which Al Borsa says are in the range of EGP 10 mn. EFSA also exempted Americana Group from the requirement to launch a mandatory tender offer to buy 2.96 mn stakes in Cairo Poultry, Reuters reports.