Banque Misr will not change offer price for CI Capital shares – FRA

The Egyptian Financial Regulatory Authority (FRA) on Thursday denied news reports claiming that Banque Misr plans to change the price of 4.7 Egyptian pounds ($0.30) a share it has offered to acquire 652,800 shares in CI Capital.

The bank has no intention to amend its offer price, the FRA said in a statement sent to the Egyptian Exchange (EGX), noting that no negotiations have been made regarding the matter.

Following FRA’s announcement, the EGX decided to resume trading on CI Capital’s stock as of Sunday, February 21, after being suspended earlier the day.

Banque Misr is seeking to acquire up to 652,800 shares in CI Capital for Financial Investments to top up its stake to 90 percent.