By Ahmed Allam

Cairo – Mubasher: CIB and OTMT’s Beltone Financial Holding have signed a new memorandum of understanding to extend the deadline for the latter’s buy offer for CIB’s investment banking arm for 14 days., said Osama Rashad, investor relations manager at Beltone.

Yesterday, the Egyptian Financial Supervisory Authority (EFSA) delayed the acquisition bid anew as a result of violations related to commitments made by Naguib Sawiris, the major shareholder in OTMT following the split-up in 2012.

Earlier, Sawiris said the the stock market regulator interrupted the deal until being reviewed by the state’s National Security.

Moreover, OTMT said earlier that Beltone seeks to finalise the agreement to fully acquire CI Capital before the end of the first quarter of 2016, after obtaining all necessary approvals.