Investors who sold their National Societe Generale Bank shares to Qatar National Bank can buy back their stocks and avoid being taxed on the sale, according to stock market officials Wednesday.
The decision comes after the Egyptian Tax Authority imposed a surprise 10 percent tariff on the buyout.
Mamdouh Omar, chairman of the ETA, announced the new tax in a letter to the Egyptian Stock Exchange on Tuesday, a measure that stirred frustration stock traders and investors.
In December, NSGB said QNB had agreed to buy 77.7 percent of its shares owned by its French parent company Societe Generale for US$2.558 billion.
