OTMT’s Beltone Financial pays EGP50mn to CIB as down payment
Beltone Financial, fully-owned by OTMT [OTMT.CA], will pay the Commercial International Bank (CIB) [COMI.CA] an amount of EGP50mn as a down payment for the acquisition of its investment arm, CI Capital. OTMT was also granted a 15-day extension from CIB to get the required regulatory approvals, which had been difficult to get since the announcement was made public. (Bloomberg)
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