(2016-02-29) OTMT announces signing of CIB – Beltone share purchase agreement With reference to Orascom Telecom and Media Technology (OTMT) Holding’s nomination of its subsidiary Beltone Financial Holding S.A.E (BTFH) to act as the purchasing entity in the acquisition of 100% of CI Capital Holding, OTMT announced today that together with Beltone it has reached a final agreement with CIB on the terms and conditions related to the sale transaction of CI Capital.
Beltone and CIB have signed a Share Purchase Agreement (SPA), and will move forward to complete said transaction, with the aim of finalizing it before the end of the first quarter of 2016, after obtaining all necessary approvals, and finalizing the process of financing the transaction.
Naguib Sawiris, Executive Chairman and CEO of (OTMT) commented on finalizing the agreement saying: “This is a great step to emphasize the attractiveness of investment in Egypt, particularly in the financial sector market. It marks the first step in forming an Egyptian financial entity with a regional as well as international scope.”
