CAIRO: Orascom Telecom’s Neguib Sawiris (OTMT.CA) is expected to make a 1 billion Egyptian pound ($127.7 million) bid to buy Egyptian investment bank CI Capital, sources close to the matter said on Thursday.
The move is likely to be formally announced on Thursday, said the sources.
Egypt’s Commercial International Bank (CIB) (COMI.CA), which owns CI Capital, is due to hold a meeting on Thursday to decide on the bid, said the sources. On Wednesday, a CIB official described the expected bid as “rumors”.
Sawiris was not immediately available for comment.
In November, shareholders in Egypt’s Beltone Financial agreed to sell 97.3 percent of shares in the financial services company to Orascom Telecom Media and Technology and investment bank Act Financial.