By Mostafa Adel
Cairo – Mubasher: CIB and OTMT’s Beltone financial holding have agreed to stretch the takeover bid’s deadline 14 days, said Osama Rashad, head of investor relations at Beltone.
The deadline of the buy offer submitted by OTMT’s Beltone Financial Holding for CIB’s investment banking unit CI Capital was supposedly on 31 March, said Rashad.
But due to the interruption of the deal, the related parties have signed an agreement to complete the deal before15 April, 2015, Rashad added.
CEO Mahmoud Atallah earlier told Mubasher that the extension would be ‘within a reasonable limit’, but declined to give specific duration.
Egypt’s business tycoon Naguib Sawiris, who chairs Orascom Telecom Media and Technology (OTMT) board, said Sunday the acquisition of CIB’s investment banking arm is delayed till the state’s National Security reviews the deal.
The National Security requested the stock market regulator, or EFSA, not to issue an approval on OTMT’s takeover of CI Capital till it reviews the deal, Sawiris added.
Translated by Ahmed El-Sayed Ali
