Orascom Telecom Media and Technology Holding has had a non-binding offer to acquire Cairo-based CI Capital Holding accepted as it continues its push into financial services.
Orascom Telecom Media and Technology Holding (LSE:OTMT) has had a non-binding offer to acquire Cairo-based CI Capital Holding accepted as it continues its push into financial services.
OTMT is looking to acquire the investment bank for about E£1bn (US$128m) and combine it with recently-acquired Beltone Financial.
Like Beltone, CI Capital operates across the Middle East and North Africa. Its 300 employees offer investment banking, securities brokerage, asset management and research services.
OTMT will now conduct due diligence on CI Capital, which it is looking to buy from Commercial International Bank, Egypt’s largest private sector bank.
Naguib Sawiris, the Egyptian billionaire behind OTMT, has previously talked of his holdco adopting a new strategy, “shifting from a solely telecom and technology based firm to an investment holding company with a special focus on the financial services sector, the energy sector and the transport and logistics sector among other business lines”.
OTMT holds various TMT investments, mainly in Egypt, North Korea, Pakistan and Lebanon.