Tender offer of Banque Misr for CI Capital starts today

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

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.