Egypt's financial regulator has suspended a joint venture deal between Egyptian investment bank EFG-Hermes and Qatar's QInvest, approved by shareholders on June 2, the state news agency MENA said yesterday.
"The Egyptian Financial Supervisory Authority (EFSA) Authority approved the shareholder assembly in form but refused it in terms of content, procedures and decisions," its head Ashraf El Sharkawy was quoted as saying.
EFSA has rejected decisions made at EFG annual meeting last month because the firm did not clarify points regarding the deal, including the fate of minority rights after it is completed, he said.
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