Egyptian investment firm Arabiyya Lel Estithmaraat said on Thursday it had scrapped a plan to take over the historic Omar Effendi department store chain after unsatisfactory results from a due diligence process.
In October, Arabiyya had agreed in principle to buy an 85 percent stake in the chain for 320 million Egyptian pounds.
'The results that the special report reached in the due diligence process were not satisfactory,' a statement from the company said. 'The previously signed contract was contingent on due diligence and therefore it is no longer valid.'
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