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EGYPT REJECTS JOINT VENTURE DEAL

Egypt's financial regulator has suspended a joint venture deal between EFG-Hermes and Qatar's Q-Invest.

The two companies agreed in May to form a joint-venture, in which state-backed QInvest would hold 60%. This was approved by shareholders on June 2nd.

The Egyptian Financial Supervisory Authority rejected the terms of the deal, saying it wanted more clarity on issues such as minor shareholders rights.

The authority wants a reconvened stakeholder meeting to be held to answer a number of its questions.

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