Orascom Telecom Media and Technology Holding (OTMT) and the Commercial International Bank (CIB) have agreed to extend the period of the acquisition offer if the Egyptian Financial Supervisory Authority (EFSA) does not settle the offer before its conclusion on Thursday, partner at Ibrachy and Partners law firm and OTMT legal advisor Ashraf El-Ibrachy said.
El-Ibrachy said, in a statement, that OTMT and CIB, the main shareholder in CI Capital, both want to implement the deal, despite the long period of time that has elapsed since EFSA’s examination of the acquisition offer.
OTMT made the acquisition offer through its affiliated company Beltone Financial. The offer was concluded by the end of March, which pushed Beltone to extending the period of the offer by 14 days, ending 14 April.
The EFSA is not obliged to respond during the period specified by the two parties in the agreement, which means that the agreement may not be settled by Thursday. However, the EFSA is continuing its work to meet all specified demands to conclude the deal, according to head of the authority Sherif Samy.
El-Ibrachy said the EFSA requested the submission of inspection documents from Beltone, such as shareholders’ ownership structure, and all documents related to the company’s acquisition deals during the past period, in order to ensure its commitment to the implementation of the acquisition offers, as well as documents about employees’ expertise within the company.
He added that OTMT and Beltone are committed to offering all data requested by EFSA to gain the authority’s approval for the acquisition offer.
CIB has agreed to sell 100% of CI Capital Holding’s shares for EGP 924m.