By Mahmoud Salah El-Din
Cairo – Mubasher: Orascom Telecom Media and Technology Holding (OTMT) saw a decline on EGX today by 3.8% to EGP0.78 per share after Naguib Sawiris commented on the interruption of CI Capital’s acquisition.
Egypt’s business tycoon said the acquisition of CIB’s investment banking arm is delayed by the state’s National Security, according to data published by a state newspaper.
Khaled Nagah, head of trading at Mega Investment, ascribed OTMT, Beltone, CIB’s decline in Sunday’s trading session to Sawiris’ statements that were issued in parallel with a process of profit-taking on Cairo bourse. He pointed out that stocks engaged in the deal are heavy on the Egyptian Exchange that sees an upturn this period, expecting the acquisition to be concluded soon.
At 12:00pm Cairo time, CIB decreased 1.8% to EGP39.9 a share, registering a trading value of 31.5 million.
At 12:03pm Cairo time, Beltone Financial fell 0.56% to EGP16.12 per share.
Earlier this month, OTMT board of directors approved financing through debt current accounts with a maximum of EGP 924 million to Beltone Financial Holding. This move aims to allow Beltone to finalize the acquisition of 100% of CI Capital.
Translated by Ahmed El-Sayed Ali
