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OTMT to submit mandatory offer to acquire CI Capital

OTMT to submit mandatory offer to acquire CI Capital
Photo Credit: Arabianeye - Reuters
Orascom Investment Holding
OIH
-3.26% 0.42 -0.01

Cairo – Mubasher: Orascom Telecom Media and Technology Holding (OTMT) said its board of directors decided to submit a mandatory tender offer to acquire 100% of CI Capital Holding, CIB’s wholly owned investment banking subsidiary.

Earlier, OTMT submitted a non-binding offer to CIB to acquire 100% of CI Capital, at a value of EGP 1 billion.

Al Ahly Capital, the investment arm of National Bank of Egypt decided earlier this week to drop its bid to buy CI Capital, given the unfavorable conditions for submitting a non-binding buy offer for 100% in the company.