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Egypt's CIB confirms $128 mln Orascom Telecom bid for investment arm
December 17, 2015 / 7:38 AM / 2 years ago

Egypt's CIB confirms $128 mln Orascom Telecom bid for investment arm

CAIRO, Dec 17 (Reuters) - Commercial International Bank (CIB), Egypt’s largest listed company, said on Thursday it had received a 1 billion Egyptian pound ($127.71 million) offer from Orascom Telecom to buy 100 percent of its investment banking subsidiary CI Capital.

CIB said in a statement on the stock exchange website that its board would discuss the offer from Orascom Telecom and Technology at a meeting on Thursday.

$1 = 7.8300 Egyptian pounds Reporting by Ehab Farouk; writing by Lin Noueihed; editing by Jason Neely

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