HC Securities denies signing agreement with Banque du Caire regarding possible acquisition

CAIRO – 8 February 2021: HC Securities & Investment denied news published regarding the signing of an initial memorandum with Banque du Caire.

HC Securities described this piece of news as just words from an anonymous person, charging the press as it referred to him as a close-related source which contradicts the simplest rules of journalistic work, as the news must be attributed to a clear and known source especially if it concerns the rights of shareholders.

It added that the company reserves its right to respond, and to take all legal measures against anyone who publishes incorrect news, without referring to the company’s management.

Media outlets revealed published earlier that Banque du Caire had submitted an offer to acquire a controlling stake in HC Securities.

Sources close to the negotiations said that a preliminary memorandum was signed between the two sides for the acquisition, and the bank also began conducting due diligence checks, which are scheduled to be completed within weeks.

The report published by the Egyptian newspaper "Al-Borsa", according to anonymous sources, revealed the existence of competing offers, without disclosing the parties competing to acquire the company, while the sources confirmed that Banque du Caire is the closest to the implementation of the deal, as the bank was allowed to start due diligence examinations.

The sources explained, according to the newspaper, that businessman Hussein Shokry, Chairman of the Board of Directors, had earlier ended his acquisition of al Ahli Saudi Arabia Bank's 30 percent stake in the company in order to complete the original sale of the company.