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Thursday, 12 May 2016

OTMT requests fourth extension on Beltone acquisition of CI Capital

And speaking of Beltone, OTMT has requested another 15-30 day extension on the deadline for Beltone Financial’s acquisition of CI Capital (the fourth extension request to date), a request to which CIB is expected to respond today, sources tell Al Mal. The transaction remains on hold until EFSA determines that OTMT has addressed its alleged violation of amending the ownership structure following its 2012 demerger. Sources also state that OTMT had not yet reached a settlement with EFSA on the issue.

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