The Egyptian Financial Supervisory Authority has delayed its approval of OTMT- Beltone Financial’s acquisition of CI Capital until the Court of Appeals resolves a court case between minority shareholders in CI Capital and its parent company CIB, according to the EFSA notice obtained by Al Borsa. An Economic Court had ordered CIB (which owns 99.98% of CI Capital) to issue a mandatory tender offer to minority shareholders for outstanding shares, a ruling the bank had decided to appeal. EFSA’s notice also reportedly mandates that outstanding regulatory issues involving OTMT’s main shareholder, Naguib Sawiris, must be resolved before it can sign off on the acquisition. Reuters has picked up the decision.

OTMT has asked CIB for a second extension on the deadline to execute the transaction, sources told Al Mal. An OTMT legal advisor told Daily News Egypt that had “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.”