Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) said Banque Misr has submitted a draft mandatory tender offer (MTO) to acquire a controlling stake in CI Capital Holding For Financial Investments.
Banque Misr submitted an offer to acquire up to 652,800 shares in CI Capital to top up its stake to 90% at EGP 4.7 per share, according to a statement to the Egyptian Exchange (EGX) on Wednesday.
The offer is still under the authority’s consideration, the statement showed.
During the first nine months of 2020, CI Capital’s net profits reached EGP 330.77 million, down by 13% year-on-year (YoY) from EGP 381.06 million, including minority shareholders’ rights.
