VOL. XL

No. 28

14-July-1997

EGYPT

ACMB Privatization Black Spot On Egyptian Agenda

The privatization of Alexandria Commercial and Maritime Bank (ACMB) continues totarnish the Egyptian financial scene as more details of the deal unfold (MEES, 16March). Subscribers are now refusing to take possession of and settle for 240,000 sharesbecause they are too expensive, and they are blaming the brokerage houses for buying theshares at E301 ($88.7) without their authorization. However, according to...