The Arab Company for Investment and Development (ACID) on Thursday said it has scrapped a plan to take over the historic Omar Effendi department store chain.
In a statement to the Egyptian Exchange (EGX) administration, the company said its chairman of the board agreed to stop the Omar Effendi deal.
"The previously signed contract was contingent on due diligence and therefore it is no longer valid," mentioned the statement received by Reuters. "The results that the special report reached in the due diligence process were not satisfactory."
By 08:52 GMT, ACID’s shares dropped 1.03 percent to LE0.96.
The Omar Effendi company was founed in 1856 by captial estimated at LE17 million distributed over 17 million shares.
Translated from the Arabic Edition