Orascom Telecom’s share hikes 9% amid its offer to acquire CI Capital

The share price of Orascom Telecom and Media Technology (OTMT) jumped 9.26 percent during the opening session of Thursday to hit 0.59 Egyptian pounds.

The 9.26 percent increase comes in line with OTMT’s offer to acquire the investment  banking arm of the Commercial International Bank (CIB), CI Capital Holding.

On Thursday, CIB announced in statement that it has received a non-binding offer from Orascom Telecom and Media Technology (OTMT) Holding to acquire 100 percent of CI Capital Holding (CI Capital).

According to the statement, CIB’s Board of Director will convene Thursday to discuss the offer.