OIH looks to extend deadline to acquire Egypt’s Nile Sugar to update valuation report

Orascom Investment Holding wants more time in which to close its acquisition of Nile Sugar as it seeks time to update its valuation report for the transaction based on Nile Sugar’s most recent financial results, OIH said in a bourse filing. The company’s shareholders won’t vote on the transaction in the upcoming meeting. OIH’s board of directors approved earlier this month the fair value assessment for the bid conducted by BDO Corporate Finance. The acquisition had originally been on track to close by the end of 2018, but carried over into this year. The bidwas criticized for its “inflated valuation” of Nile Sugar.