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Wednesday, 7 December 2016

Solid Capital in talks for a 15% stake in CI Capital

Solid Capital, a newcomer on the local financial scene, is reportedly leading a consortium of Arab of foreign investors to acquire a 15% in CI Capital, with Solid Capital looking to take an 8% stake itself, sources tell Al Mal. The offer would be at the same valuation at which CIB sold 71.94% of the nation’s second-largest investment bank last week to a number of investors, making the bid worth close to EGP 142.5 mn. Al Mal says Solid Capital is a subsidiary of Netherlands-based Solid Capital Partners BV, a claim we cannot substantiate. We could find no entity by that name on a fast search this morning. There is what appears to be an unrelated Dutch VC outfit by the name Solid Ventures, but the website referenced on Solid Capital Partners’ LinkedIn profile is defunct.

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