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Sunday, 24 April 2016

EFSA will not sign-off on the Beltone-CI Capital acquisition until OTMT shareholding issues are resolved, source says

Egyptian Financial Supervisory Authority still holding up Beltone-CI Capital acquisition: The Court of Appeals decision settling CIB’s disputes with minority shareholders of CI Capital might not be enough to get EFSA to sign off on OTMT’s Beltone Financial acquisition of CI Capital. The source tells Al Mal the EFSA holdup also hinges on resolving what the authority sees as an issue with OTMT’s shareholding structure following the demerger in 2012, an issue yet to be resolved. EFSA Chairman Sherif Samy confirmed the authority is still reviewing the agreement, saying the issue is not yet resolved, according to Al Masry Al Youm.

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