Egypt’s Banque Misr has submitted a mandatory takeover offer for a controlling stake in the share capital of CI Capital Holding for Financial Investments, the country’s market regulator announced on Wednesday.
The bank, Egypt’s second biggest state-run lender, is seeking to buy 652.809.400 shares in CI Capital to top up its stake to 90 percent at 4.7 Egyptian pounds ($0.30).
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The offer is still under the authority’s consideration, the Egyptian Financial Regulatory Authority (FRA), added in a statement.
On Monday, FRA announced that Banque Misr plans to submit an offer to buy the share capital of CI Capital.
