Egypt’s Banque Misr makes formal offer to acquire controlling stake in CI Capital

Egypt’s Banque Misr has submitted a mandatory takeover offer for a controlling stake in the share capital of CI Capital Holding for Financial Investments, the country’s market regulator announced on Wednesday.

The bank, Egypt’s second biggest state-run lender, is seeking to buy 652.809.400 shares in CI Capital to top up its stake to 90 percent at 4.7 Egyptian pounds ($0.30).

The offer is still under the authority’s consideration, the Egyptian Financial Regulatory Authority (FRA), added in a statement.

On Monday, FRA announced that Banque Misr plans to submit an offer to buy the share capital of CI Capital.