Cairo – Mubasher: Orascom Telecom Media and Technology Holding (OTMT) has announced that its negotiations with Inertia for Engineering and Trading over the acquisition of a 51% stake in the company have been suspended.
The two companies did not reach an agreement and, therefore, decided to end talks, OTMT said in a bourse statement released on Sunday.
Orascom also revealed that it is studying other investment opportunities.
The Egyptian Exchange-listed company’s board has approved the formation of an alliance with Inertia to seek tenders put out by the Egyptian urban community authority.
In December 2017, OTMT’s board gave a preliminary approval to the acquisition of a 51% stake in Inertia for Engineering and Trading.
