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Vol 55 No 7

Published 4th April 2014


Egypt

Out of reach

The shareholders of Egypt's Ajwa for Food Industries Company are embroiled in a long-running dispute with the former non-executive Chairman, the Saudi Arabian billionaire Sheikh Mohamed bin Issa al Jaber. The regulator, the Egyptian Financial Supervisory Authority, is ready to reach a settlement with Al Jaber, provided the 55-year-old repurchases shares in the company that he sold in an 'irregular fashion' three years ago. EFSA Executive Chairman Sherif Samy says this is the 'big outstanding issue', after the company was suspended from the Egyptian Stock Exchange over the share dealings.

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