Cairo – Mubasher: The Egyptian Financial Supervisory Authority (EFSA) rejected the fair value (FV) evaluation of Reacap Financial Investments prepared by Fincorp Investment Holding as it does not fully comply to the standards of buildings' assessment and financial evaluation.
The EFSA is currently reviewing the FV study of WadiDegla Holding, and the study will be done as soon as the EFSA receives the required documents from the company, according to a statement to the Egyptian Exchange (EGX) on Sunday.
By 11:05 am Cairo time, the EGX decided to resume trading on Wadi Degla’s stock after reviewing the FV of the stock.
Last week, the EFSA had decided to suspend trading on Reacap’s securities until reviewing Fincorp Investment's FV study.
Reacap’s board had previously approved the FV of the company’s stock, prepared by Fincorp Investment, at EGP 11.09 per share.
Reacap’s capital amounts to EGP 500 million, with a par value of EGP 5 per share.
Naeem Holding owns 56% of Reacap’s shares, with investments equivalent to 19.5% of Naeem’s total investments.
By 11:41 am Cairo time, Reacap’s stock surged 9.88% to EGP 4.56.
