OTMT’s negotiations for acquisition of no less than 51% stake in Inertia terminated
Orascom Telecom and Media Technology (OTMT) [OTMT.CA] announced the cancelation of its acquisition of a minimum of 51% stake in Inertia Real Estate, according to a company disclosure. This comes after the OTMT’s BoD had given a preliminary approval on the signing of a MoU with Inertia, on 20 Dec 2017. The company has stated not having been able to reach an agreement as the reason for the cancellation of the deal. OTMT said it intends to continue pursuing other investment opportunities in the real estate sector, according to Enterprise.
OTMT: EGP0.79 as of 15 Apr. 2018, Rating: Sell, TP: EGP0.53/share, MCap: USD235mn, OTMT EY/OTMT.CA
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