The company owned by IT tycoon Naguib Sawiris said it is in deadlock with the Egyptian Financial Supervisory Authority regarding “breaches” in its recent acquisitions.
The company’s board is planning to convene to discuss how the company will continue its business given its current inability to expand and perform its core business normally, according to a statement by the company.
The conflict broke out when OTMT Acquisition asked EFSA for to declare it had no objection to OTMT-Beltone’s LE1 billion acquisition of CI Capital.
The bid for CI Capital was scrapped in June after EFSA declined to issue the certificate of non-objection for a whole six months.
“EFSA was not able to make a decision to reconcile and conclude the procedures necessary for the reconciliation until date, which had a negative effect on the company shareholders, as well as the complications resulting from hindering the acquisition of CI Capital.”