Orascom Telecom Media and Technology Holding (OTMT) announced Thursday that its management agreed to nominate Beltone Financial Holding to purchase 100% of CI Capital.

OTMT said this step was made after the Board of Directors’ meeting  on 10 February and the bidding offer submitted on 14 February regarding the acquisition of 100% of CI Capital Holding.

This comes in line with OTMT’s strategy to combine CI Capital and Beltone to create a regional financial conglomerate. Accordingly Beltone is expected to take all necessary procedures to successfully finalise the transaction.