By Mahmoud Salah Eddin
Cairo – Mubasher: 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.
Earlier this month, OTMT board of directors approved financing through debt current accounts with a maximum of EGP 924 million to Beltone Financial Holding. This move aims to allow Beltone to finalise the acquisition of 100% of CI Capital.
OTMT said earlier that Beltone seeks to finalize the agreement to fully acquire CI Capital before the end of the first quarter of 2016, after obtaining all necessary approvals.
Sawiris also explained that investment climate is hurt by the government’s attempt to vie for CI Capital through making state-owned National Bank of Egypt offer a competitive bid.
