Cairo – Mubasher: CI Capital for Financial Investments said that its board of directors voted against the offer submitted by Banque Misr to acquire up to 652,800 shares for EGP 4.7 apiece.
Nine of the board members said that the acquisition offer undervalues the company in light of the stock’s fair value (FV) estimation study conducted by an independent financial advisor., the company said in a bourse disclosure on Sunday.
The study conducted by Baker Tilly Wahid Abdel Ghaffar & Co showed that the stock’s FV is estimated at EGP 5.73.
Following the announcement, the Financial Regulatory Authority (FRA) decided to resume trading on the company’s shares as of 12:00 p.m. on Sunday after being halted on Thursday.
In February, Banque Misr said that it would not amend its offer to acquire CI Capital.
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.