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Tuesday, 13 July 2021

CI Capital board gives Banque Misr preliminary approval for Souhoola majority stake purchase

CI Capital’s board gives initial nod to the sale of a controlling stake in Souhoola to Banque Misr. The board approved in principle a non-binding offer from state-owned Banque Misr — the investment bank’s parent company — to purchase CI’s entire 98.01% stake in its consumer finance subsidiary, Souhoola, according to an EGX disclosure (pdf) today. Souhoola’s app offers in-store finance as well as car and education loans.

It’s anybody’s guess how much the transaction is worth. The board said it had signed off on a fair value report on Souhoola from Karvy Financial, which CI Capital hired last week, but doesn’t specify a value. The final value of the offer will be determined once Banque Misr completes its due diligence, which is currently underway, and submits its mandatory tender offer.

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