{"id":604359,"date":"2018-12-02T04:14:45","date_gmt":"2018-12-02T04:14:45","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/02\/beltone-goes-on-offensive-against-ib-divisions-suspension-says-it-is-bad-news-for-ecm-and-ma-activity-market-wide\/"},"modified":"2018-12-02T04:14:45","modified_gmt":"2018-12-02T04:14:45","slug":"beltone-goes-on-offensive-against-ib-divisions-suspension-says-it-is-bad-news-for-ecm-and-ma-activity-market-wide","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/02\/beltone-goes-on-offensive-against-ib-divisions-suspension-says-it-is-bad-news-for-ecm-and-ma-activity-market-wide\/","title":{"rendered":"Beltone goes on offensive against IB division\u2019s suspension, says it is bad news for ECM and M&A activity market-wide"},"content":{"rendered":"

<\/a> Beltone goes on offensive against IB division\u2019s suspension, says it is bad news for ECM and M&A activity market-wide: <\/b>The six-month suspension<\/a> handed down by the Financial Regulatory Authority (FRA) to Beltone Financial\u2019s investment banking unit threatens to derail a number of IPO and M&A transactions in the investment bank\u2019s pipeline, Beltone CEO Bassem Azab said in an interview with Bloomberg<\/a>. The decision could delay an industrial company\u2019s listing that was set for November, along with four M&A transactions, said Azab. (Our internal IPO tracker suggests Azab is referring to the Giza Spinning and Weaving IPO, which was initially set for November<\/a>. News reports later<\/a> put the listing date in December.) Azab also stressed that the decision could also have implications for the state privatization program, as it sends the wrong message to investors.<\/p>\n

The decision seems to be based on \u201cthe regulator\u2019s lack of understanding\u201d of the private-placement process<\/b> and an absence of codified rules on book building, he said. He denied the FRA\u2019s allegations that Beltone Financial committed irregularities during bookbuilding for Sarwa Capital\u2019s IPO, which prompted the suspension. \u201cWhat if Sarwa went up? Would the regulator have communicated what they called \u2018irregularities\u2019 and taken such immediate action based on what they stated as a \u2018preliminary review\u2019?\u201d Azab said. Sarwa\u2019s shares fell 11% in their first day of trading. Misr for Central Clearing, Depository & Registry and the Egyptian Capital Markets Association both said last month<\/a> they found no evidence of wrongdoing.<\/p>\n

A watershed case for bookbuilding in Egypt:<\/b> The current dispute will likely lead to new regulations on how bookbuilding is run for private placements, as the process is in a legal \u201cgrey area,\u201d said the director of research at Naeem Holding\u2019s brokerage unit Allan Sandeep, who claimed that oversubscription figures are routinely inflated<\/b>.<\/p>\n

Appeals are still pending:<\/b> The Administrative Court postponed yesterday its ruling on an appeal to suspend the FRA\u2019s suspension of Beltone\u2019s IB unit, pending its review of the documents presented by each side, according to Al Mal<\/a>. The ruling is now expected on 15 December, and the FRA itself is also looking at an appeal on the decision on 10 December.<\/p>\n","protected":false},"excerpt":{"rendered":"

Beltone goes on offensive against IB division\u2019s suspension, says it is bad news for ECM and M&A activity market-wide: The six-month suspension handed down by the Financial Regulatory Authority (FRA) to Beltone Financial\u2019s investment banking unit threatens to derail a number of IPO and M&A transactions in the investment bank\u2019s pipeline, Beltone CEO Bassem Azab […]<\/p>\n","protected":false},"author":1,"featured_media":604360,"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":[812,72,76,78,7128,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-604359","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-beltone-financial","tag-enterpriseam","tag-financial-regulatory-authority","tag-ipo-watch","tag-ma-watch","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"661263c6-3690-4efe-90b4-73911de513f5","order":"0","is_powered_by":true,"section_story_id":"88ef3af6-d062-4512-8ed1-bcaabc8b4f78","story_type":"1","photo_url":"https:\/\/ent.news\/2018\/12\/3248.jpg","photo_position":"above","related_issue":[604347],"teaser":"","voice_url":""},"yoast_head":"\nBeltone goes on offensive against IB division\u2019s suspension, says it is bad news for ECM and M&A activity market-wide - 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