CI Capital dogs profits of LE474.61M in 2020

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Thu, 18 Feb 2021 - 01:51 GMT

CI Capital Logo - File photo

CI Capital Logo - File photo

CAIRO – 18 February 2021: CI Capital Holding for Financial Investments recorded a decline in its profits during 2020 by 12.4 percent, to reach LE  474.61 million, down from LE 541.76 million, including minority rights, during 2019.

 

The company's total revenues declined during 2020, to LE 2.36 billion, compared to LE 2.63 billion in 2019.

 

As for standalone results, the company achieved profits of LE 169.13 million, compared to LE 83.98 million in 2019.

 

CI Capital Holding Company for Financial Investments achieved a net profit of LE 330.77 million during the first nine months of 2020, compared to profits of LE 381.06 million during the same period in 2019, taking into account the minority rights.

 

The company's revenues declined during the first nine months of 2020, to record LE 1.519 billion by the end of September, compared to LE 1.72 billion during the same period in 2019.

 

As for standalone results, the company's profits rose to reach LE 191.75 million by the end of September 2020, compared to LE 94.39 million during the same period in 2019.

 

CI Capital is an investment bank in Egypt with market-leading investment banking, securities brokerage, asset management and research franchises.

 

On another hand, the Board of Directors of CI Capital Holding for Financial Investments approved the appointment of Baker Tilly Waheed Abdel Ghaffar & Co. as an independent financial advisor to determine the fair value of the company's shares.

 

This came in a statement from the company to the Egyptian Exchange (EGX) on Feb.14.

 

Earlier, EGX said that the validity period of the offer submitted by Banque Misr to purchase up to 652.8 million shares, representing 90 percent of the capital of CI Capital Holding for Financial Investments starts from Sunday’s trading session, February 14, until the end of Thursday’s trading session, March 11, 2021 .

 

EGX clarified in a statement Sunday that the implementation is subject to the bidder obtaining a percentage leading to an increase in his current percentage in the target company to 51 percent or more, with the permissibility of waiving this condition.

 

It added that the offer price is LE 4.7 per share, provided that implementation will take place on the Egyptian Exchange during the five working days following the expiration of the offer period.

 

On February 8, 2021, The Egyptian Financial Regulatory Authority announced that Banque Misr intends to submit a purchase offer on the shares of CI Capital for Financial Investments at a price of LE 4.7.

 

The authority added, in a statement to the Egyptian Exchange (EGX), that the documents related 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.

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