Cairo – Mubasher: Orascom Telecom Media and Technology (OTMT) pledged on Friday to overcome all obstacles to the acquisition of CI Capital, CIB’s investment banking arm.

In a release come out on Friday, OTMT confirmed that it has fulfilled all disclosure requirements as per law, stressing that the company is in no breach of "the undertakings related to the Demerger of Orascom Telecom Holding S.A.E. (OTH)".

Last Wednesday, 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.

However, the company reassured its shareholders as "there is no breach to be disclosed or rectified" on all levels, pointing out it will keep addressing EFSA to enquire about their grounds for the breach.

Lately, CIB and OTMT’s Beltone Financial have signed a new memorandum of understanding to extend the deadline for the two-time stuck buy offer for CIB’s investment banking arm for 14 days, said Osama Rashad, investor relations manager at Beltone.

Upon the first interruption, Sawiris said the stock market regulator put the deal on hold until the state’s National Security reviewed its details.

Earlier, OTMT said 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, which are already gotten now according to the release.