Cairo-based Beltone Financial’s purchase of CI Capital from local Commercial International Bank (CIB) has been halted, according to a CIB statement.

The share purchase agreement deadline was not extended.

The reason cited was the withholding of the Egyptian Financial Supervisory Authority (EFSA) approval for the deal after six months.

The owner of Beltone, Egyptian businessman Naguib Sawiris, has previously accused the government, particularly the Central Bank of Egypt, of hindering the E£924m ($104m) deal, and preventing him from securing a loan for the acquisition.

The EFSA refused approval due to regulatory issues around Orascom Telecom and Media Technology, of which Beltone is a subsidiary.

State-owned Al-Ahly Capital, part of the National Bank of Egypt, also made an abortive counter-offer for CI Capital in February 2016.

Beltone has indicated it would consider resuming the deal if approvals could be obtained.

The company has received preliminary approval for a capital increase and other acquisitions such as Reefy Capital and Arab Finance.