Egyptian appliance maker Olympic Group said on Sunday it was extending the timetable for completion of a takeover of the company by Sweden's Electrolux by 30 days.

"On the evening of June 30, 2011, a new amendment was signed to the memorandum of understanding, entailing an extension of the time to complete the deal by 30 days," Olympic said in a statement to the Egyptian Exchange.

"This is to allow the parties an opportunity to finish negotiations and sign the share sale contract and agreements related to the deal," it said.