Orascom Telecom Media and Technology Holding (OTMT) will present its final offer to acquire CI Capital Investment Bank, a wholly-owned subsidiary of the Commercial International Bank (CIB), next Thursday, according to CI Capital CEO Mahmoud Atallah.
Atallah said OTMT, owned by businessman Naguib Sawiris, has completed the due diligence examination process, which lasted nearly two months following the approval by CIB’s Board of Directors to conduct the examination.
Atallah revealed that Al Ahly Capital, owned by the National Bank of Egypt (NBE), Egypt’s largest commercial bank, plans to present its bid for CIB to acquire CI Capital on Sunday, which will spark competition on the deal.
Atallah noted that the bank informed Al Ahly Capital that is necessary to support their expression of interest to purchase CI Capital with a non-binding financial offer, and to sign a confidentiality agreement, to allow the bank to review the issue internally and make a decision before conducting the due diligence investigation, in accordance with usual procedures.
“In the case that CIB’s Board accepts the offer presented by Al Ahly Capital, Al Ahly will carry on the due diligence investigation for one week,” Atallah added.
Meanwhile, Head of OTMT’s Investor Relations Department Marawan Hussein said the company will proceed with the acquisition procedures.
Hussein added that OTMT is committed to its bid to acquire CI Capital, noting that Al Ahly Capital’s expression of interest will not change the nature of the procedures being conducted by Orascom in order to conduct the deal.
