Cairo – Mubasher: Egyptian Company for International Touristic Projects (Americana Egypt) denied news reports stating that its major shareholder Adeptio AD Investments has submitted an acquisition request to the Financial Regulatory Authority (FRA).

The fair value study has not been finalised yet, Americana Egypt said, denying having any undisclosed material events, according to a statement to the Egyptian Exchange (EGX) on Wednesday.

In July, Americana Egypt said that Adeptio AD Investments decided to submit a request to Egypt’s FRA to acquire 100% of the company’s shares, adding that this acquisition will be followed by delisting Americana Egypt’s shares from the Egyptian bourse. 

During the first half of 2019, Americana Egypt turned to losses of EGP 1.45 million, against a profit of EGP 26.76 million in the year-ago period.