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English news

04-Oct-2016

OTMT board to convene to discuss obstacles facing the company in pursuing its growth strategy

OTMT [OTMT.CA] is calling for its board members to convene at the earliest possible to discuss how the company would continue its business, given its current inability to expand and perform its core business normally. The company had been facing several hurdles in growing its new strategy, which includes investing in other companies, since the company’s subsidiary, Beltone Financial, announced its plan to acquire Commercial International Bank’s (CIB) investment arm, CI Capital. The Egyptian Financial Supervisory Authority (EFSA) declined to issue the certificate of non-objection, claiming that OTMT breached an undertaking in its five-year-old demerger from Orascom Telecom Holdings. (Company disclosure)   OTMT: EGP0.56 as of 03 October 2016, Rating: Sell, FV: EGP0.53 per share, MCap: USD331mn, OTMT EY / OTMT.CA

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