OTMT in talks with North Korean government over repatriation of USD120 million; acquisition of CI Capital to be concluded by the end of 1Q2016
OTMT’s [OTMT.CA] CEO and Chairman, Naguib Sawiris announced that the company is in talks with officials in the North Korean government to repatriate USD120 million (EGP939 million) of restricted cash. Moreover, the company is negotiating with the government to solve a dispute with a state-owned competitor over unfair competition. In separate news, Sawiris announced that the acquisition of local investment bank CI Capital will be concluded by the end of March 2016. (Daily News) OTMT: EGP0.60 as of 6 March 2016, Rating: Sell, FV: EGP0.53 per share, MCap: USD402 million, OTMT EY / OTMT.CA
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