As for standalone results, the company achieved profits of LE 169.13 million, compared to LE 83.98 million in 2019.
This came in a statement from the company to the Egyptian Stock Exchange on Sunday.
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.
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.
The CI Capital Holding for Financial Investments (CICH) offers diversified non-banking financial solutions and services to a large base of clients.
“We will float a company in the food security sector worth more than LE 1 billion,” Badran stated, refusing to go into more details.
Co-CEO of CI Capital added that the company's financial services portfolio in 2019 amounted to LE 10 billion, compared to LE 7.8 billion in 2018.
The chairman of the board was empowered to determine the percentage of contribution according to the results of the discussions between the shareholders.
The total revenues during the January to September period of 2018 marked an increase of 51 percent on a year on year basis, hitting LE 1.8 billion.
Egypt’s top 22 listed corporates will attend the Fifth Annual Egypt Equities Conference in Cape Town, South Africa, over two days.
As per standalone profit, CI Capital’s profit decreased 67.2 percent in Q1 2018 to reach LE 12.85 million, compared to a profit of LE 39.13 million in Q1 2017.
The initial volume of purchase orders on CI Capital in the private market reached 664.62 million shares.
The trading on the company’s shares will start on Sunday.
The listed Companies sector of EGX announced receiving a registration request of 411.5 million shares of CI Capital Holding Company for LE 1 per share.
The Offering is expected to take place in the second quarter of 2018.
Qatar National Bank Alahli (QNB) hired CI Capital to advise it on the sale of a small stake in its Egyptian unit (QNB Alahli).
The flotation has helped in increasing the gross domestic product (GDP) and foreign reserves growth rates, Managing Director at CI Capital Karim Khedr said Tuesday.
A wrap-up of the most prominent business news of the day
The three-day conference will host several ministers and government officials to discuss key economic issues, including financial inclusion and fiscal reforms.
Foreign holdings of treasury bills was about $19 billion as of the end of November.