Banque Misr (S.A.E.) will acquire a 90% stake in CI Capital Holding For Financial Investments (S.A.E) (CASE:CICH) after obtaining the approval of the company’s shareholders to sell their shares at EGP 4.70 per share, according to the company’s recent statement to the Egyptian Exchange. The transaction will be wrapped up within the coming five working days. The tender offer, which wrapped up on, March 11th, 2021 was 1.1x oversubscribed, with shareholders agreeing to sell some 720.8 million shares. This is equivalent to 72% of CI Capital shares, more than the 65% stake targeted by the state-owned bank. On March 8th, CI Capital rejected Banque Misr’s initial offer to acquire a 90% stake in the firm at EGP 4.7 per share, as it expects a 19% increase to the offer price to EGP 5.60 per share. Banque Misr currently owns a 24.7% stake in CI Capital, being the firm’s largest shareholder since August 2020, when it acquired an additional 11% stake. The bank hopes to buy other 653 million shares and increase its stake to 90%.