Cairo – Mubasher: Orascom Telecom Media and Technology Holding’s (OTMT) board of directors on Thursday has initially approved the acquisition of a 51% stake in Inertia for Engineering and Trading.

The board will complete the due diligence and resolve a preliminary approval with Inertia to define the final price of the acquisition, OTMT highlighted in a statement to the Egyptian Exchange (EGX).

OTMT’s board has agreed on forming a consortium with Inertia to bid for tenders of the New Urban Communities Authority until the acquisition’s completion, the company added.

The board has assigned OTMT chairman Naguib Sawiris to sign all the required contracts and documents for completing the deal.

Inertia was established by youth investors in 2007 and has a land portfolio of 6.5 million square metres.

OTMT’s board has agreed to sell a 7% stake in Beltone Financial Holding to the company’s main shareholder.

OTMT’s capital stands at around EGP 2.2 billion divided over 5.2 billion shares at a nominal value of EGP 0.42 per share.