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Cairo – Mubasher: Egyptian Society of International Tourism Projects (Americana Egypt) announced that Adeptio AD Investments (SPC LTD) had decided to submit to the Egyptian Financial Supervisory Authority (EFSA) a request for the acquisition of 100% of the capital of the company.
The company said Sunday on the Egyptian Stock Exchange that Adipitio's management had decided to submit to the financial control of the request for the acquisition of 100 shares of Egypt Tourism Projects at one of its 100% subsidiaries and the cancellation of the company's shares from the Egyptian stock exchange.
The financial supervisory authority decided in January to force Edipto AD Investments, which controls more than 90 percent of the Egyptian tourism company, Americana Egypt, to immediately make a mandatory purchase offer on the rest of the capital.
But Edpto rejected the financial control's decision to make a mandatory purchase offer and decided to appeal the ruling in court, claiming that its indirect stake in Americana accounted for less than 90% of its equity.
The legal representative of Adeptio AD Investments SAB filed a complaint in February with the Council of State against the decision of the Financial Supervisory Authority issued on January 6, 2019.
In May, Adeptio AD Investments SABC decided to file an appeal in the administrative court against the decision of the financial controller to make an offer to purchase the Egyptian shares of international tourism projects – Americana.
In an earlier statement, Americana stated that Adipitio had filed another appeal to the Administrative Court of Cbadation, challenging the financial control's decision to dismiss a lawsuit filed against it forcing it to make an offer to purchase mandatory Egyptian actions for international tourism projects.
Adipitio is currently preparing a detailed memo for the Financial Supervisory Authority (EFSA) stating that Section 357 of the Capital Market Enforcement Regulation can not to be applied because Adipito's indirect stake in Americana represents less than 90% of its capital.
The company's consolidated financial statements showed a loss of EGP 72.09 million for the period from the beginning of January to the end of March, compared with EGP 33.81 billion for the same period last year.
The company's revenues reached 936.2 million euros at the end of March, compared with 801.34 million pounds sterling in the same period last year, while the cost of products in the first quarter was increased by £ 819.29 million against £ 716.84 million in the same quarter of the previous year. .
appointments:
High cost of sales has turned Americaa Egypt into a loss in the first quarter
Aaron Siddiqui has been appointed Chair of the Americana Board of Directors
"Economic" rejects the case of the shareholders of Americana against Edbito UAE
Americana Egypt experiences losses in the first quarter
The profit of Americana Egypt increases by 443% in 2018
Americana Egypt adopts circulation procedures to change the company's goals
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