Last Update 14:9
Tuesday, 22 October 2019

Beltone acquisition of CI Capital delayed until court case resolved

Reuters , Thursday 14 Apr 2016
 Naguib Sawiris
Naguib Sawiris November 14, 2013 (REuters)
Views: 1299
Views: 1299

The head of Egypt's financial regulatory body said on Wednesday that Beltone Financial's acquisition of CI Capital would be delayed pending resolution of a court case involving shareholders of CI Capital and its parent company.

In February, Commercial International Bank (CIB), which owns CI Capital, signed a deal to sell its investment bank to a unit of billionaire Naguib Sawiris' Orascom Telecom for 924 million pounds ($104.06 million)

Sawiris said at the time he planned to merge CI Capital with Beltone Financial, which OTMT bought last year, to create one of Egypt's largest investment firms, but the deal has faced a series of delays.

Sawiris's bid for CI Capital was challenged in February when a subsidiary of state-owned National Bank of Egypt made a last-minute counter-offer. It later withdrew after failing to agree with CIB on a timeframe for feasibility studies.

The billionaire investor later said the deal was being held up by national security concerns and criticised the state for meddling in business that he said would put off investors.

The head of the Egyptian Financial Supervisory Authority (EFSA) Sherif Sami told Reuters on Wednesday that the latest delay involves settlement of a court appeal made by several CI Capital shareholders refusing to sell their shares.

Short link:


Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.

© 2010 Ahram Online.