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No updates in CI Capital deal - EFSA chairman

No updates in CI Capital deal - EFSA chairman
Sherif Samy, chairman of the Egyptian Supervisory Authority (Photo Credit: Arabianeye-Reuters)
CIB
COMI
-3.05% 80.00 -2.52
Orascom Investment Holding
OIH
-3.26% 0.42 -0.01
Beltone Holding
BTFH
-2.82% 3.45 -0.10

 

By: Waleed Abdel Salam

Cairo – Mubasher: There are no need updates regarding the Beltone Financial Holding’s acquisition of CI Capital’s shares, said Sherif Samy, chairman of the Egyptian Supervisory Authority (EFSA) on Wednesday.

The violations in the deal have not been concluded, Samy told Mubasher via phone, adding that no new updates have come to light since the ruling issued in favour of the Commercial International Bank (CIB-Egypt).

Beltone submitted a bid to acquire CIB’s investment banking arm CI Capital. The grace period for the deal has been extended four times, with the latest extension to end on Thursday, 26 May 2016.

Previous reports showed a number of violations when examining the Beltone Financial’s bid to acquire CI Capital. These violations were related to commitments made by Naguib Sawiris, the major shareholder in Orascom Telecom Media and Technology (OTMT) following the split-up in 2012.

 

Translated by: Nada Adel Sobhi