Egypt's Commercial International Bank in Cairo (Photo: Al-Ahram)
The board of directors in Egypt's leading listed bank Commercial International Bank approved on Thursday moving forward with an offer by business tycoon Naguib Sawiris to acquire its investment bank subsidiary CI Capital, according to a statement to the bourse.
Orascom Telecom for Media and Technology (OTMT), owned by Sawiris, submitted a non-binding offer to acquire CI Capital Holding for LE1 billion, according to a release sent by OTMT to the Egyptian Bourse on Thursday.
"The consummation of this transaction will be subject to the outcome of the negotiation between parties," read the statement.
Last month, OTMT managed to acquire Beltone Financial for LE650 million.
Sawiris offered to acquire EFG Hermes, the largest investment bank in the Middle East, through his New Egypt Investment Fund but the deal never materialised.
The stock exchanged earlier suspended the shares of both OTMT and CIB until a statement is released.