Acumen Holding Company has sued the Egyptian Stock Exchange, the Egyptian Financial Supervisory Authority (EFSA), and Osool for Financial Consulting over an allegedly inaccurate valuation study of Egypt Gas Company, Amwal Al Ghad reports.
The company believes that there is an inaccuracy in Osool’s valuation study, which was issued in October and endorsed by EFSA.
The study assessed the value of Egypt Gas’ shares at EGP 175.39. Acumen argues that the shares should be assessed at no less than EGP 686.
The company’s stocks are currently trading at just over EGP 208, according to Bloomberg.
Acumen Holding is an Egypt-based investment bank.