Last checked at 17 Dec 2015 10:33
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OTMT received acceptance of its Non-Binding Offer to acquire 100% of CI Capital Holding
Cairo, December 17, 2015: Further to the announcement made today regarding the submission of a Non-Binding Offer to acquire CI Capital Holding, Orascom Telecom Media and Technology Holding ("OTMT") would like to announce that commercial International Bank's Board of Directors have concluded their meeting today to discuss the Non-Binding Offer it has received from OTMT to acquire 100% of CI Capital Holding ("CI Capital"), CIB's wholly-owned investment banking subsidiary, and approved to move forward with the discussions on the potential acquisition of CI Capital, where OTMT will be granted access to conduct the necessary due diligence on CI Capital as part of this process.
OTMT aims to conclude this acquisition through a combination between CI Capital and its recently acquired arm Beltone Financial Holding S.A.E.
It is noteworthy to mention that OTMT's discussions with CIB are still at a preliminary stage, and consummation of this transaction will be subject to, among other matters, the outcome of the negotiations between the parties of the transaction terms and conditions, in addition to a satisfactory due diligence process and customary approvals.
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About OTMT
OTMT is a holding company that has investments in companies with operations mainly in Egypt, North Korea, Lebanon, Pakistan and other North African and Middle-Eastern countries. The activities of OTMT are mainly divided into its GSM, Media and Technology, and Cable businesses, having recently expanded its lines of operations into the new fields of Energy, Transport & Logistics, and Telecom infrastructure. The GSM activities include mobile telecommunications operations in Egypt, North Korea and Lebanon. The Cable business focuses on the management of cable networks. The new field of Energy includes its operations in the power projects in Egypt.
Press contacts:
Orascom Telecom Media and Technology: Investor Relations
2005A Nile City Towers - South Tower, 26th Floor - Corniche El Nile,
Ramlet Beaulac, Cairo, Egypt
E-mail: otmtinvestorrelations@otmt.com
Disclaimer
The distribution of this press release may be restricted by law in certain jurisdictions. Persons into whose possession this document comes are required to inform themselves about and to observe any such restrictions.
This press release does not, and shall not, in any circumstances constitute a public offering of shares, or global depositary shares representing such shares, in OTMT ("OTMT Securities"), nor an invitation to the public in connection with any offer. The acquisition of the OTMT Securities may be subject to specific legal or regulatory restrictions in certain jurisdictions. OTMT takes no responsibility for any violation of any such restrictions by any person.