CI Capital hires independent financial advisor to determine fair value of its share

By Amwal Al Ghad English On Feb 15, 2021

Egypt's investment bank CI Capital Holding for Financial Investments

CI Capital Holding for Financial Investments said on Monday it had appointed Baker Tilly Waheed Abdel Ghaffar & Co. as an independent financial advisor to determine the fair value of the company’s shares after the Board of Directors approval.

On the other hand, Egypt’s stock exchange (EGX) announced on Sunday the start of the tender offer of Banque Misr for buying a controlling stake in the share capital of CI Capital.

The tender offer is taking effect throughout trading sessions of February 14 until March 11, the bourse added.

The bank, Egypt’s second biggest state-run lender, is seeking to buy 652.809.400 shares in CI Capital to boost its stake to 90 percent at 4.7 Egyptian pounds ($0.30).

On Thursday, the Egyptian Financial Regulatory Authority (FRA) has approved Banque Misr’s request to acquire a controlling stake in CI Capital.