Shareholders in Golden Pyramids Plaza, owner of the City-Stars mega-mall in Cairo, have rejected a share swap with South Valley Cement, putting an end to their planned merger, Golden Pyramids said on Sunday.
"Most shareholders have no desire to continue the procedures of the acquisition via a share swap," a company statement to the stock exchange said.
South Valley approved a E£15bn capital increase in May to buy Golden Pyramids Plaza, in a bid to expand its focus and diversify its operations outside of cement.
