CAIRO Oct 3 Egyptian holding company OTMT
said on Monday its failure to resolve a dispute with
the financial regulator had hit business and stymied growth, and
it would hold a board meeting to discuss how to proceed.
"The major shareholder will ask the company's board of
directors to convene at the earliest possibility to discuss how
the company will continue its business given its current
inability to expand and perform its core business normally,"
OTMT said in a statement on the stock exchange website.
The dispute revolves around breaches the Egyptian Financial
Supervisory Authority (EFSA) says were involved in the 2011
demerger of Orascom Telecom Holding, which culminated in OTMT's
current shareholding structure.
OTMT has holdings in media, technology and cable businesses
but has sought to move further into the financial sector. The
dispute has scuppered efforts by its subsidiary Beltone
Financial, to acquire CI Capital, a local investment
bank - a deal that was central to Beltone's growth strategy.
(Reporting by Ola Noureldin, writing by Lin Noueihed; Editing
by Mark Trevelyan)