Banque Misr to back 50% of Solid Capital's bid for 15% stake in CI Capital
Banque Misr is poised to finance 50% of Solid Capital's attempt to acquire 15% of CI Capital Holding, sources told Al Mal. Solid Capital will rely on its own resources to finance the remainder of the acquisition, the sources added. Solid Capital submitted a formal bid last Tuesday to acquire a 15% stake in CI Capital Holding worth EGP142.5mn and requested to start due diligence examination. Commercial International Bank (CIB) announced last December the signing of an agreement to sell to several local and Arab investors 71.9% of CI Capital's shares worth EGP683.4mn, for a total valuation of EGP950mn. (Al Mal) CIB: EGP76.24 as of 12 January 2017, Rating: Buy, TP: EGP69.87 per share, MCap: USD4,755mn, COMI EY / COMI.CA
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