Ayman Mamdouh Abbas to increase stake in bid for CI Capital to 4.5%

M&A WATCH- Ayman Mamdouh Abbas is planning on increasing the stake of CI Capital he is proposing to buy to 4.5% from 2%, according to Al Mal. A consortium of investors had offered to buy 71.94% of CI Capital in December and EFSA greenlight some of the investors’ bids. Two investors had reportedly backed out of the agreement. Abbas says he received approval from CIB, CI Capital’s parent, to acquire a larger stake. He adds that this increase would not require him to be approved again by EFSA as it would still keep his bid below the 5% threshold that EFSA Chairman Sherif Samy said would require obtaining approvals de novo.