Cairo – Mubasher: Solid Capital is leading a consortium of foreign and Arab investors to negotiate for acquiring a 15% stake in CIB-owned investment arm, CI Capital, said a first-hand source on Wednesday.
“Solid Capital-led alliance plans to submit an acquisition offer for an additional 15% stake to the previous offer”, the source told Mubasher in a phone call.
Earlier, CIB announced selling 72% of CI Capital last week to a number of investors at EGP 683.4 million, of which Solid will account for an 8% stake.
The additional stake purchase will be carried out at the same valuation of the 72% stake, subject to a possible increase as per negotiation progress. Thus the bid is likely to be finalised at EGP 142.5 million, raising the total lump sum to EGP 950 million.
