ArabFinance: Banque Misr will acquire a 90% stake in CI Capital (CICH) after obtaining the approval of the companys shareholders to sell their shares at EGP 4.70 per share, according to the companys recent statement to the Egyptian Exchange.

The transaction will be wrapped up within the coming five working days.

The tender offer, which wrapped up on Thursday, March 11th, was 1.1x oversubscribed, with shareholders agreeing to sell some 720.8 million shares.

This is equivalent to 72% of CI Capital shares, more than the 65% stake targeted by the state-owned bank.

On March 8th, CI Capital rejected Banque Misrs initial offer to acquire a 90% stake in the firm at EGP 4.7 per share, as it expects a 19% increase to the offer price to EGP 5.60 per share.

Banque Misr currently owns a 24.7% stake in CI Capital, being the firms largest shareholder since August 2020, when it acquired an additional 11% stake. The bank hopes to buy other 653 million shares and increase its stake to 90%.

Copyright 2021 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an as is and as available basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.