Omeldonia.com’s Parent Company in Negotiations for Potential Acquisition
Albawaba.com - Amman
The chairman and CEO of Egyptinfo.Inc, a IT company which wholly owns Omeldonia.com, is in the US for talks with several US companies, a Canadian bank and an Egyptian company.
Tarek Ismail told Albawaba.com in a statement that negotiations were underway with these firms for the acquisition of his company, declining to disclose their names or confirm a local press report that Yahoo.com is one of the parties interested in taking over Egyptinfo.
Al Aalam Al Yawm newspaper has reported that Yahoo is mulling the purchase of the Egyptian company, which is planning an IPO on the Nasdaq bourse.
Ismail said that his company had, since its establishment, sought to make an IPO, but did not say if this ambition had to do with the reported possibility of Yahoo taking over the firm.
Egyptinfo bills itself as an Egyptian corporation, which was founded in April 2000 for the purpose of “increasing Egypt's participation in the growth of the Internet both in Egypt and abroad.” It has offices in Cairo, New York and Montreal.
During April 2001 at the GITEX Expo in Cairo, Omeldonia.com was officially launched as a subsidiary of Egyptinfo, to work as a web application solution provider.
© 2001 Al Bawaba (www.albawaba.com)