Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Arabiyya lel Istithmaraat Cancels Omar Effendi Bid

Arabiyya lel Istithmaraat, an Egyptian investment firm, canceled its plan to buy an 85 percent stake in Egypt’s Omar Effendi department stores, citing “unacceptable” findings in its study of accounts.

“We agreed to buy Omar Effendi based on certain disclosures from the seller which turned out not to be true,” Investor Relations Director Amr Sadek said today by telephone. “So we decided not to move forward.”

The Cairo-based company said in October it had agreed to buy the 154 year old department-store chain from Anwal of Saudi Arabia for 320 million Egyptian pounds ($55 million). Anwal had acquired the stores from the Egyptian government in 2007 before the country’s privatization drive was brought to a halt by the global financial crisis.

Arabiyya shares fell 1 percent, the most in more than two weeks, to 96 piasters in Cairo, valuing the company at 513 million Egyptian pounds.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.