BREAKING : CIB sells CI Capital to Sawiris’ Orascom Telecom for $128mn

Egyptian Commercial International Bank (CIB) has agreed Thursday on Orascom Telecom and Media Technology’s offer (OTMT) to acquire CI Capital Holding, a banking source announced Thursday.

The source told Amwal Al Ghad on condition of anonymity  that CIB -Egypt’s biggest commercial bank- has accepted the offer and started Due Diligence (DD) investigations.

OTMT -owned by tycoon Naguib Sawiris- has submitted an offer worth one billion Egyptian pounds (US$127.7 million) to CIB for acquiring 100 percent of CI Capital (CI Capital).

The Egyptian Exchange decided to suspend trading on both shares of CIB and Orascom Telecom until the first made an official statement announcing its acceptance for Sawiris’ offer.

Meanwhile, Orascom Telecom announced that it intends to merge its Beltone Financial subsidiary with CI Capital if its acquisition of the investment bank succeeds, Beltone told Reuters.

On other side, the share price of Orascom Telecom has been boosted by 9.26 percent during the opening session of Thursday to hit 0.59 Egyptian pounds as pursuant to the $127.7 million-offer.