EFG-Hermes said the fair value estimate for Commercial International Bank (CIB) – Egypt amounts to EGP 55.26 per share, placing a Buy recommendation on the stock.
The bank is said to be in negotiations with Eaton Company to finance the latter’s bid for Mobinil’s tower sale deal, which should be completed in the next few months, according to Al Mal.
Yesterday, Mobinil stated it is currently negotiating with several parties for the sale of part of its tower assets, while Orascom Telecom Media &Technology (OTMT) mentioned it was studying opportunities in the field of mobile telecommunication towers.
Sources told Al Mal gazette that the UK firm agreed with global consultancy office Baker & McKenzie to carry out the deal.
Mobinil affirmed on Tuesday holding talks with some entities over the sale of a portion of its owned telecom towers.
The company added, in a statement to the stock market, said it has not taken any actual decisions in this regard.
The statement came in reply to the EGX inquiries about media reports that Orascom Telecom Media and Technology Holding (OTMT) is competing to buy Mobinil’s towers.
OTMT was cited on Monday as saying it is in fierce competition with a foreign firm with strong presence in booming markets to win Mobinil’s telecom towers deal put up several months ago.
Given the fact that the majority of telecom towers intended to be sold are based outside both Cairo and Alexandria provinces, the mobile phone operator seeks to sell the metal towers over multiple phases, according to sources.