Cairo – Mubasher: Orascom Telecom Media and Technology Holding (OTMT) announced Monday that its major shareholder OTMT Acquisition failed to reconcile with the Egyptian Financial Supervisory Authority (EFSA) regarding the breaches attributed to both companies, according to a press release on Monday.

The dispute between the major shareholder and EFSA started Six months ago, when the majority-owned subsidiary of OTMT and Beltone Financial Holding requested to obtain a “non-objection” certificate from EFSA to acquire CI Capital Holding on 10 March 10 2016.

EFSA has attributed to the major shareholder the breach of the undertaking made by OTMT Investments on November 2011, when EFSA approved for the first time the demerger of Orascom stating not to transfer the ownership of the Majority Shares to third party without obligating the new buyer to exercise a mandatory tender offer.

Both companies submitted ratified documents proving that no sale has occurred on the major shareholder's shares in OTMT and the major shareholder still has the control over the shares, which proves the non-existence of any breach related to the undertaking,

The Major Shareholder asks the board of directors to convene as early as possible to discuss how the company will continue its business given its current inability to expand and perform its core business normally.