{"id":567200,"date":"2020-01-15T04:00:59","date_gmt":"2020-01-15T04:00:59","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/15\/fra-suspends-fincorp-for-three-months-over-its-fair-value-assessment-of-americana-for-adeptios-mto\/"},"modified":"2020-01-15T04:00:59","modified_gmt":"2020-01-15T04:00:59","slug":"fra-suspends-fincorp-for-three-months-over-its-fair-value-assessment-of-americana-for-adeptios-mto","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/15\/fra-suspends-fincorp-for-three-months-over-its-fair-value-assessment-of-americana-for-adeptios-mto\/","title":{"rendered":"FRA suspends Fincorp for three months over its fair value assessment of Americana for Adeptio's MTO"},"content":{"rendered":"

Regulator suspends Fincorp for three months over fair value assessment of <\/strong>Americana for Adeptio MTO: <\/strong>The Financial Regulatory Authority (FRA) has suspended Fincorp Investment Holding from carrying out valuation studies for a period of three months, according to a statement to the EGX (pdf)<\/a>. The suspension comes after the market regulator rejected as \u201cunfair\u201d Fincorp\u2019s fair value assessment of the Egyptian International Tourism Projects Company (Americana) for a mandatory tender offer (MTO) Adeptio was required to submit for Americana.<\/p>\n

Fincorp to file a grievance:<\/strong> Fincorp \"respects the FRA decision\" but will still challenge it via appeal, Chairman Mohamed Hamdy told Al Mal<\/a>. He added that the company will also look into the possible legal paths to follow after its grievance is addressed.<\/p>\n

Background:<\/strong> FRA ordered Adeptio to submit an MTO<\/a> to buy shares in Americana Egypt in early 2019, after they gained indirect ownership of the majority of the company due to acquiring 67% in Kuwait Food Company (Americana) in June 2016. Adeptio claimed that did not require an MTO submission, but after a few denied appeals, they submitted an initial offer price<\/a> of EGP 3.9 per share, based on Fincorp\u2019s study. Americana\u2019s minority shareholders signaled they would only be satisfied with an offer in the range of EGP 24 per share<\/a>. The shareholders demanded that Adeptio revalue the company<\/a>, but Adeptio stood by Fincorp\u2019s share price, previously saying they hired a financial consultant \u201cendorsed by the FRA<\/a>.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Regulator suspends Fincorp for three months over fair value assessment of Americana for Adeptio MTO: The Financial Regulatory Authority (FRA) has suspended Fincorp Investment Holding from carrying out valuation studies for a period of three months, according to a statement to the EGX (pdf). The suspension comes after the market regulator rejected as \u201cunfair\u201d Fincorp\u2019s […]<\/p>\n","protected":false},"author":1,"featured_media":567201,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,4392,76,4391,7128,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-567200","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-fair-value-assessment","tag-financial-regulatory-authority","tag-fincorp","tag-ma-watch","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"90c5fe3a-1854-4dfd-926f-d60286d98fd7","is_powered_by":true,"section_story_id":"0b01eeb3-86ed-4805-a41e-59b38ccb0709","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/1\/609.jpg","photo_position":"above","related_issue":[567182],"teaser":"","voice_url":""},"yoast_head":"\nFRA suspends Fincorp for three months over its fair value assessment of Americana for Adeptio's MTO - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/01\/15\/fra-suspends-fincorp-for-three-months-over-its-fair-value-assessment-of-americana-for-adeptios-mto\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FRA suspends Fincorp for three months over its fair value assessment of Americana for Adeptio's MTO\" \/>\n<meta property=\"og:description\" content=\"Regulator suspends Fincorp for three months over fair value assessment of Americana for Adeptio MTO: The Financial Regulatory Authority (FRA) has suspended Fincorp Investment Holding from carrying out valuation studies for a period of three months, according to a statement to the EGX (pdf). 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MTO dispute, receives new fair value study: An administrative court has rejected Adeptio\u2019s appeal against a Financial Regulatory Authority (FRA) decision requiring it to mount a mandatory tender offer (MTO) for its acquisition of a minority stake in the Egyptian International Tourism Projects Company\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570986,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/26\/americana-egypt-appoints-new-financial-adviser-to-conduct-valuation-ahead-of-adeptio-mto\/","url_meta":{"origin":567200,"position":1},"title":"Americana Egypt appoints new financial adviser to conduct valuation ahead of Adeptio MTO","author":"enterpriseam admin","date":"26 April 2020","format":false,"excerpt":"M&A WATCH- Americana Egypt appoints new financial adviser to conduct valuation ahead of Adeptio MTO: The Egyptian Company for International Tourism Projects (Americana Egypt) has selected an unnamed financial adviser to conduct a fair valuation of the company ahead of Adeptio\u2019s mandatory tender offer (MTO) for minority shares in the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":593187,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/20\/egypts-fra-to-adeptio-your-americana-mto-offer-shall-not-pass\/","url_meta":{"origin":567200,"position":2},"title":"Egypt's FRA to Adeptio: Your Americana MTO offer shall not pass","author":"enterpriseam admin","date":"20 November 2019","format":false,"excerpt":"M&A WATCH- FRA tells Adeptio: Your Americana MTO offer shall not pass: The Financial Regulatory Authority (FRA) has rejected the mandatory tender offer (MTO) from Adeptio to acquire the Egyptian International Tourism Projects Company (Americana), according to a disclosure to the bourse (pdf). The market regulator said that Adeptio\u2019s offer\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/44.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569952,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/12\/market-regulator-mulls-moving-a-lawsuit-against-adeptio\/","url_meta":{"origin":567200,"position":3},"title":"Market regulator mulls moving a lawsuit against Adeptio","author":"enterpriseam admin","date":"12 March 2020","format":false,"excerpt":"DISPUTE WATCH- Market regulator mulls moving a lawsuit against Adeptio chairman: The Financial Regulatory Authority (FRA) is considering filing charges against Emaar chairman and Adeptio Investments head Mohamed Alabbar for failing to submit a mandatory tender offer (MTO) for the minority stake in the Egyptian International Tourism Projects Company (Americana),\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":567338,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/20\/pioneers-holding-requests-30-day-extension-to-mto-deadline-to-appoint-new-financial-advisor\/","url_meta":{"origin":567200,"position":4},"title":"Pioneers Holding requests 30-day extension to MTO deadline to appoint new financial advisor","author":"enterpriseam admin","date":"20 January 2020","format":false,"excerpt":"M&A WATCH- Pioneers Holding requests 30-day extension for MTO deadline to appoint new financial advisor: Pioneers Holding has submitted a request to the Financial Regulatory Authority (FRA) for a 30-day extension to submit its mandatory tender offer (MTO) for five of its subsidiaries to appoint a new independent financial advisor\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":572816,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/09\/ernst-young-values-americana-egypts-shares-at-egp-5-apiece\/","url_meta":{"origin":567200,"position":5},"title":"Ernst & Young values Americana Egypt\u2019s shares at EGP 5 apiece","author":"enterpriseam admin","date":"9 July 2020","format":false,"excerpt":"M&A WATCH- Ernst & Young values Americana Egypt\u2019s shares at EGP 5 apiece: Ernst & Young has valued the Egyptian Company for International Touristic Projects\u2019 (Americana Egypt) share price at EGP 5 after it finalized a fair value report, the Financial Regulatory Authority (FRA) said in a filing to the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/567200","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=567200"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/567200\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/567182"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/567201"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=567200"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=567200"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=567200"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=567200"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=567200"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}