Mubasher TV
Contact Us Advertising   العربية

Banque Misr has no intention to amend offer to acquire CI Capital

Banque Misr has no intention to amend offer to acquire CI Capital
Banque Misr submitted an offer to acquire a majoirity stake in CI Capital at EGP 4.7 per share
CI Capital Holding
CICH
-0.21% 4.79 -0.01

Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) denied news reports claiming that Banque Misr amended its offer for the acquisition of CI Capital for Financial Investments.

The bank has no intention to amend its offer, the FRA said in a statement to the Egyptian Exchange (EGX) on Thursday, noting that no negotiations or talks have been made regarding the matter.

Following the announcement, the EGX decided to resume trading on CI Capital’s stock as of Sunday, 21 February, after being suspended earlier today. 

Banque Misr submitted an offer to acquire up to 652,800 shares in CI Capital at EGP 4.7 per share to top up its stake to 90%.

In 2020, CI Capital reported consolidated net profits of EGP 474.6 million, down by 12.4% from EGP 541.75 million a year earlier.