trending Market Intelligence /marketintelligence/en/news-insights/trending/r6okwmonaamtvsjqm5sy_w2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In this list

Report: Egyptian i-bank sale faces fresh delay

CUSIP Identifier Requests for New U.S. Corporate Debt Surge in January

Measuring The Wireline Digital Divide In The US

Australian Exploration Budget Trends 2019

African Exploration Budget Trends 2019

Report: Egyptian i-bank sale faces fresh delay

An ongoing court case is set to further delay the sale of anEgyptian investment bank, according to Reuters.

The head of Egypt's FSA, Sherif Sami, told the newswireApril 13 that the saleof CI Capital Holding CoSAE to Orascom Telecom and Media Technology Holding and subsidiaryBeltone Financial Holding would be postponed pending the settlement of anappeal by several CI Capital shareholders who are refusing to sell theirshares.

CommercialInternational Bank (Egypt) SAE agreed in February to sell CICapital to Egyptian billionaire Naguib Sawaris' Orascom for 924 millionEgyptian pounds, and Sawaris said he would merge CI Capital and Beltone. Thefirms signed a sharepurchase agreement Feb. 28 and had expected to complete the transaction beforethe end of the first quarter.

Sawiris previously said the sale was being delayed bynational security concerns, having earlier seen a last-minute and eventuallyunsuccessful counteroffer from a unit of state-owned , Reutersnoted.

As of April 13, US$1 was equivalent to 8.88 Egyptianpounds.