The Egyptian Financial Supervisory Authority said in a statement today that Banque Misr intends to submit a bid to buy the shares of CI Capital Holding for Financial Investments at a price of 4.7 pounds per share.
>
CI Capital jumped 8.4% to the price of 4.5 pounds in trading yesterday.
The Authority added, in a statement to the Stock Exchange, that the documents relating to the purchase offer file are being prepared in accordance with the provisions of Chapter 12 of the Executive Regulations of the Capital Market Law No. 95 of 1992. < / p>
The stock exchange stopped trading on the stock yesterday for 10 minutes after it rose by more than 5%, then returned it to trading, but it suspended all offers and requests registered on it before publishing the announcement.
p>
The Banque Misr is the largest shareholder in CI Capital with a percentage of 24.13%, according to the latest disclosure published on the stock exchange until the end of last December. 7.56%.
CI Capital provides stock brokerage services, publishes economic research, and provides asset management services, in addition to financial leasing activity, which is considered its most important source of revenue.
The profits of CI Capital Holding for Financial Investments at the end of the first 9 months of last year decreased by 14.9% compared to the same period of the previous year, to record 287.4 million pounds, While its revenues fell to 1.5 billion pounds, or 11.8%, in the same period.
The decline in the company's profits came after the decline in revenues from financial leasing to 975.7 million pounds during the first 9 months of 2020, and by 18.7% compared to the same period in 2019, as well. Brokerage revenues also fell 17.4% to 149.6 million pounds.
