OTMT asks Beltone subsidiary to complete purchase of CI Capital

Pulse Staff 07:34 - 26 February 2016

A worker is seen at the headquarters office of Beltone Financial in Cairo, Egypt, October 26, 2015. REUTERS/Amr Abdallah Dalsh

"This comes in line with OTMT’s strategy to combine CI Capital and Beltone to create a regional financial conglomerate," OTMT said in a statement.

Orascom Telecom (OTMT) said on Thursday it had asked its Beltone Financial subsidiary to complete the acquisition of the investment banking arm of Egypt's largest bank.

"Accordingly, Beltone is expected to take all necessary procedures to successfully finalise the said transaction."

Egypt's Commercial International Bank accepted a bid from billionaire Naguib Sawiris's OTMT to buy its investment banking arm CI Capital this month.

OTMT, which has holdings in media, technology and cable businesses as well as energy, transport and logistics, is expanding into financial services. It plans to merge CI Capital with Beltone Financial, which it bought last month for almost 650 million Egyptian pounds ($83 million).