Egypt: Orascom Telecom Media and Technology seeks funding from external banks to buy CI Capital
Thursday, 03 March 2016 14:00
In Egypt, Orascom Telecom Media and Technology (OTMT) Holding said it is currently studying alternatives to fund acquisition of CI Capital, the investment branch of Commercial International Bank (CIB). The alternatives include funding from external banks.
On February 28, 2016, CIB, Egypt’s leading listed bank, signed an agreement with OTMT, for the sale of CI Capital, for EGP924 million (about $118 million). With this transaction, the group who focuses on technology and media, marks its second entry in the finance sector, after acquiring in 2015 Beltone Financial, one of Egypt’s biggest business banks.
The goal here is to establish an investment super-bank which will result from the merging of Beltone Financial and CI Capital. However,OTMT is having a hard time mobilizing funds from local banks.
OTMT, which belongs to billionaire Naguib Sawiris, is to finalize the transaction before the end of Q1 2016.
Idriss Linge
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