Egypt: Sawiris’ Beltone Financial prevented from buying CI Capital
Monday, 13 June 2016 15:38
The deal for the acquisition of CI Capital, investment branch of Egyptian Commercial International Bank, by Beltone Financial will not happen.
Citing sources with knowledge of the deal, Reuters said it failed to obtain the necessary regulatory approvals.
In February 2016, Commercial International Bank announced it received an offer from Beltone Financial, which is owned by billionaire Naguib Sawiris, to buy CI Capital for EGP924 million ($104 million).
Naguib Sawiris is one of Egypt’s most popular businessmen and the founder of the Free Egyptians party which had good results during the past legislative polls.
CI Capital is currently working to list four Egyptian companies and plans to open a brokering branch in the United Arab Emirates.
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