EFG terminates deal with QInvest
Cairo, May 1, 2013
EFG Hermes, a top investment bank, said on Wednesday the long-stop date for completion of its deal with Qatari investment company QInvest had passed without approval by Egypt's financial regulator, and so the joint venture would automatically end.
"The long-stop date for the satisfaction of the conditions precedent for (the) joint venture agreement to proceed had been reached without receiving the necessary regulatory approvals from the Egyptian Financial Supervisory Authority (EFSA)," EFG said in a statement.
"As a result of the long stop date being reached, the joint venture agreement will automatically terminate," EFG said. – Reuters