Cairo – Mubasher: Banque Misr has raised its stake in CI Capital for Financial Investments to 90% from 24.13%.
The bank purchased 652.81 million shares for EGP 3.07 billion, averaging EGP 4.7 per share, according to a statement to the Egyptian Exchange (EGX) on Tuesday.
The EGX earlier announced on Tuesday that a mandatory tender offering (MTO) was executed on 652.81 million shares of CI Capital for a value of EGP 3.07 billion.
Last week, CI Capital’s board of directors rejected the offer made by Banque Misr to acquire its shares at EGP 4.7 apiece.
In 2020, CI Capital reported consolidated net profits of EGP 474.6 million, down by 12.4% from EGP 541.75 million a year earlier.
