Mohamed Ahmed Orascom Telecom Media and Technology Holding (OTMT) is expected to offer a firm bid this week to acquire CI Capital Holding, two sources closely related to the deal spoke on condition of anonymity.
One of the sources told Daily News Egypt that Orascom will offer its bid through one of two subsidiaries, one being Beltone Financial which was acquired by Orascom last year at a cost of EGP 650m.
Sources in Beltone previously told Daily News Egypt in January that the approval of the company’s general assembly to get a loan from Orascom and Act Financial Services, worth EGP 1bn, came in preparation of submitting the request to acquire CI Capital through Beltone.
The sources confirmed that Orascom has begun preliminary negotiations with several private banks in Egypt to acquire loans to cover 40% of the total value of the deal, while 60% of the deal will be financed through the company’s own resources.
The final offer likely to be submitted by Orascom this week will be close to its preliminary offer to acquire CI Capital in the past few months, ranging between EGP 950m and EGP 1bn.