Dice Sport & Casual Wear had signed a memorandum of understanding (MoU) with creditor banks of the five companies Dice plans to acquire, with the aim of identifying the debt structure of these companies.
Board member Victor Fakhry told Al Mal gazette said the MoU was signed with Export Development Bank of Egypt, Arab African International Bank (AAIB), and QNB Al Ahli.
He said the banks will identify the loans which can be rescheduled and the others that can be written-off in light of the debt size.
The board member expected the cost of acquisition not to exceed EGP100 million, the same amount Dice set in the initial negotiations.
Dice said earlier that it was targeting EGP 1.5 million investments through opening 14 new branches across the country before year-end.