December 17, 2015 / 2:10 PM / 2 years ago

Egypt's CI Capital sees Q1 completion for OTMT acquisition

CAIRO, Dec 17 (Reuters) - Egyptian investment bank CI Capital expects its acquisition by Orascom Telecom to be completed in the first quarter of 2016, its chief executive said on Thursday.

“Due diligence will take a month and a half with the deal being implemented in the first quarter of next year should the two sides reach a final agreement,” CEO Mahmoud Attalla told Reuters by telephone.

“CI Capital has plans for regional expansion and some of this expansion will require new capital expenditure that will be agreed with the new owner if the deal is completed.”

Commercial International Bank, Egypt’s largest listed company, said on Thursday it had accepted a 1 billion Egyptian pound ($127.7 million) offer from Orascom Telecom to buy its investment bank subsidiary CI Capital. (Reporting by Ehab Farouk; writing by Lin Noueihed; editing by David Clarke)

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