Egyptian Refining Company (ERC), a core platform company of Citadel Capital has received official renewal of the Government of Egypt's comfort letter
for the strategic national project.
Owing to a succession of minority government during the past several years, it has been difficult for the Government to enact legislation of any stripe, including technical amendments implementing comfort letter
Before performing this work, the CPA firm should sign an engagement letter with the underwriter that outlines acceptable use and scope of the comfort letter
FEE backs a standard pan-European comfort letter
formula, drawing on the current widely-used system of due diligence.
As part of the due diligence process, the initial purchasers, like underwriters in a registered offering, require, as a matter of practice and custom, an accountant's comfort letter
on all financial information contained in the OC, and disclosure or negative assurance letters from both the initial purchasers' and the company's respective counsel.
While bankers and lawyers recognize the auditor's definition, they also use the term comfort letter
Privatisation Commission (PC) has sought a comfort letter
on Power Purchase Agreement (PPA) and generation licence of Kot Addu Power Company (Kapco) from the Water and Power Ministry prior to offer Government of Pakistan's (Gop) residual shares to investors during domestic road shows next week, well-informed source said to Research Analyst-PAGE.
If the CPA agrees to provide a comfort letter
, it should include:
The finance ministry on February 7 had issued a comfort letter
to Indian Oil Corp ( IOC), Bharat Petroleum Corp ( BPCL) and Hindustan Petroleum Corporation ( HPCL) sanctioning ` 25,000 crore for part of the revenue they lost on selling diesel, domestic LPG and kerosene below cost, official sources said.
The comfort letter
included a "mutual respect" clause that prevented Sir Stelios from speaking negatively of the airline, while also preventing him from either setting up a rival airline or becoming a significant holder in another carrier.
That said, I note several developments that give us reason to ask whether cautious optimism may be in order, including the removal of my name from the list of individuals prohibited from travelling, regulatory approval to hold an EGM to vote on our proposed $175 million rights issue, our receipt of a comfort letter
from the Ministry of Petroleum for the Egyptian Refining Company, and our ranking as the largest private equity firm in Africa for the third year running.