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Monday, 16 January 2017

Solid Capital says it placed bid for CI Capital stake

M&A Watch: Solid Capital says it bid for CI Capital stake. Sources at Solid Capital, a newcomer to the industry that has won extensive coverage from Al Borsa and Al Mal, tell the domestic press the outfit has made an EGP 142.5 mn bid to acquire a 15% stake in CI Capital. The same story claims Banque Misr may be providing acquisition finance. Our friends close to the transaction tell us that as of yesterday, they were in receipt of no such bid. The only confirmed bid of which we are aware is the sale and purchase agreement CIB had inked in early December with a group of Egyptian and Gulf investors for 71.94% of CI Capital’s shares for a combined value EGP 683.4 mn. Suggestions Solid Capital was looking to bid first emerged back in December.

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