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Egyptian Billionaire Naguib Sawiris submitted an offer estimated at one billion Egyptian pounds (US$127.7 million) to seize the investment banking arm of the Commercial International Bank (CIB), CI Capital Holding.
CIB announced in a statement released Thursday 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.
