Egyptian FM addresses Arab Women Organization Conference opening    Egypt's Sisi praises Bohra community's restoration efforts of Islamic sites    Egyptian pound closes high vs. US dollar – CBE    Australia's services PMI slows to 51 in April '25    Egypt condemns attacks on infrastructure in Sudan    Egypt's CBE auctions EGP 5b in FRN T-bonds    Egypt's pharma market hits EGP309b in '24 – EDA Chairman    Mashrou'ak injects EGP 32.4bn into local development projects since 2015    Gaza endures escalating massacres, humanitarian collapse amid diplomatic tensions    Beit El Watan initiative generates $10bn in sales: Minister    Egypt, Comoros pledge stronger economic ties, call for unified African voice on global issues    Egypt, Saudi Arabia deepen health sector cooperation with comprehensive MoU    Trump rules out third term, says Fed's Powell will stay, voices doubt on Ukraine peace    Gold prices drop by EGP 140 in local market over one week: iSagha    White House to cut NASA budget    Egypt's UHIA launches 1st electronic medical pricing system    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    EU ambassador commends Aswan's public healthcare during official visit    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    UNFPA Egypt, Bayer sign agreement to promote reproductive health    Cabinet approves establishment of national medical tourism council to boost healthcare sector    "5,000 Years of Civilizational Dialogue" theme for Korea-Egypt 30th anniversary event    Sudan conflict, bilateral ties dominate talks between Al-Sisi, Al-Burhan in Cairo    Cairo's Madinaty and Katameya Dunes Golf Courses set to host 2025 Pan Arab Golf Championship from May 7-10    Between Women Filmmakers' Caravan opens 5th round of Film Consultancy Programme for Arab filmmakers    Fourth Cairo Photo Week set for May, expanding across 14 Downtown locations    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Ancient military commander's tomb unearthed in Ismailia    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Egypt's FM praises ties with Tanzania    Egypt to host global celebration for Grand Egyptian Museum opening on July 3    Ancient Egyptian royal tomb unearthed in Sohag    Egyptian Minister praises Nile Basin consultations, voices GERD concerns    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



CIB accepts final OTMT bid for CI Capital - sources
Amwal Al Ghad Published in Amwal Al Ghad on 15 - 02 - 2016

Egypt's largest listed lender Commercial International Bank (COMI) accepted billionaire Naguib Sawiris's bid to buy its investment arm CI Capital, market sources said on Sunday.
The sources said the deal would solidify Sawiris's nascent financial services company.
"Sawiris made an initial offer worth 910 million Egyptian pounds ($116.22 million) but in the final offer he made today the deal was worth a little more than that," one source told Reuters.
Sawiris-owned Orascom Telecom (OTMT) had made an initial offer for CI Capital in December. The company completed the due diligence process on Thursday.
OTMT plans to merge CI Capital with Beltone Financial, which it bought in November for almost 650 million Egyptian pounds.
The companies had no official comment.
Sawiris is one of the country's most prominent businessmen and the founder of the Free Egyptians political party, which had a strong performance in recent parliamentary elections.
OTMT has holdings in media, technology and cable businesses as well as energy, transport and logistics.
CI Capital is working on four initial public offerings this year in the construction, consumption and tourism sectors. It also plans to open a brokerage firm in the United Arab Emirates in the second quarter of this year.
source:Arab Finance

Clic here to read the story from its source.