The Financial Regulatory Authority (FRA) announced that it had contacted Banque Misr regarding what was circulated regarding the amendment of the bid price for the shares of CI Capital Holding Company.
The authority said in a statement to the Egyptian Stock Exchange (EGX), on Thursday that the bank confirmed that it has no intention of adjusting the price, nor has it negotiated or discussed with any party in this regard, and that the offer submitted is EGP 4.7 per share, according to the purchase offer that will end on March 11.
The Egyptian Stock Exchange decided to re-deal on the company's shares as of February 21, while suspending all offers and requests before publishing this announcement.
EGX had decided to suspend trading in the shares of CI Capital Holding for Financial Investments until the FRA publishes a statement regarding the acquisition of Banque Misr.
The authority had agreed on the purchase offer submitted by Banque Misr of up to 652.8 million shares or 90% percent of CI Capital at a price of EGP 4.7 per share.
Earlier this week, the Board of Directors of CI Capital Holding approved the appointment of Baker Tilly's Wahid Abdel Ghaffar and Partners as an independent financial advisor to determine the fair value of the company's shares.
CI Capital achieved a net profit of EGP 474.61 million in 2020, compared to EGP 541.76 million, year-on-year, taking into account the non-controlling interest (NCI). The company's total revenues declined during 2020 to reach EGP 2.36 billion, compared to EGP 2.63 billion in 2019.
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