Banque Misr to get 90% stake of CI Capital, firm to remain EGX-listed

Egypt’s second biggest state lender, Banque Misr will finally put its hands on the 90 percent stake in CI Capital it sought.

This came after a majority of CI’s shareholders agreed to sell their shares for the 4.70 Egyptian pounds/share offer lodged by the state-owned bank earlier last month, CI said in a bourse disclosure.

The tender offer, which wrapped up on Thursday, was 1.1x oversubscribed, with shareholders agreeing to sell some 720.8 million shares.

This is equivalent to 72 percent of CI Capital’s  shares — more than the 65 percent stake targeted by the bank.

Banque Misr — which already owns a 24.7 percent stake in the company — will only purchase 653 million shares through the MTO, a source at CI Capital told enterprise, speaking on condition of anonymity.

Following the acquisition, Banque Misr will own 90 percent of the company and the remaining 100 million shares remain in free float on the Egyptian stock exchange, the source added.

The transfer of ownership will be wrapped up within five working days, the source noted.