Egyptian Financial Supervisory Authority (EFSA) refused on Sunday the fair value study for Reacap Financial Investments introduced by Fincorp Investment, according to a press release. The authority said that Reacap has yet to introduce documents to decide the new fair value for the stock. Fincorp Investment has set Reacap fair value at EGP 11.09 per share. Last week, the authority said that Wadi Degla shareholders should obtain its prior approval to own shares in Reacap Financial Investments. Meanwhile, Reacap’s stock shrugged off the fair value study refusal and hovered around its highest level in six years during Sunday’s trading session.

Source: Daily News Egypt August 20, 2017 17:37 UTC