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Sunday, 15 May 2016

CIB extends CI Capital acquisition for fifth time as OTMT has yet to settle with EFSA

We may not see a resolution on the Beltone acquisition of CI Capital soon, as OTMT has yet to reach a settlement with the Egyptian Financial Supervisory Authority (EFSA) on alleged violation of securities regulations in its 2012 demerger, which is holding back the transaction, said EFSA head Sherif Samy, Al Borsa reports. CIB agreed to yet another 15-day extension on Thursday, which expires at the end day on 26 May, according to a statement on its website. Sources speaking to Al Borsa add that OTMT is continuing to provide EFSA with the required documentation to reach a settlement.

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