Beltone Financial Holding and CI Capital Holding agreed to not to complete the acquisition of Beltone by CI Capital.
Beltone Financial Holding said the sale contract signed with Commercial International Bank (CIB) on 28 February to buy the bank’s share in CI capital would not be extended.
CIB said it did not renew the duration of the sale contract and repaid the down payment to the company, due to the long period taken by Orascom Telecom Media and Technology Holding (OTMT), the owner of Beltone, to obtain permission from the Egyptian Financial Supervisory Authority (EFSA) to complete the deal.
Beltone announced in a press statement to the Egyptian Exchange (EGX) that the contract was not renewed and the down payment was repaid based on the agreement of the two parties.
Beltone confirmed that it welcomes the resumption of the deal as soon as all obstacles are removed.
