Shares in Egypt’s CIB, Orascom Telecom surge
CIB bank

DUBAI: Shares in Egypt’s Commercial International Bank (CIB) and Orascom Telecom rose on Thursday after the communications firm made an offer for the lender’s CI Capital subsidiary.

CIB, Egypt’s largest listed company, rose 3 percent to trim its 2015 losses to 11 percent.

Orascom Telecom climbed 7.4 percent, rising for a third day since Monday’s two-year low.

CIB on Thursday said it had received a 1 billion Egyptian pound ($127.71 million) offer from Orascom Telecom to buy 100 percent of its investment banking subsidiary CI Capital.

CIB said in a statement on the stock exchange website that its board would discuss the offer from Orascom Telecom and Technology at a meeting on Thursday.

Egypt’s stock index rose 2.1 percent to 6,623 points.

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