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Sunday, 20 October 2019

Dice to complete Cairo Cotton acquisition before the end of the year

M&A WATCH- Dice’s takeover of Cairo Cotton almost complete: Dice Sport and Casual Wear will acquire Cairo Cotton before the end of the year, co-founder of Tahoun & Associates law firm Nermine Tahoun said, according to the local press. The firm expects to complete due diligence on the EGP 140 mn acquisition before the end of this month, paving the way for contracts to be signed by the end of year. Dice was said in April to have been exploring the possibility of an EGP 100 mn medium-term loan from CIB to partially fund the acquisition with the remaining amount coming from its cash reserves. The company finished in August preparing an EGP 25 mn, Borg Al Arab facility that it expects would be working at a 100% capacity by the beginning of next year.

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