Orascom Telecom Media and Technology Holding (“OTMT”) announced that it has submitted a Non-Binding Offer to Commercial International Bank (“CIB”) to acquire 100% of CI Capital Holding (“CI Capital”), CIB’s wholly-owned investment banking subsidiary, in return for EGP 1 billion, OTMT said in a press release on Thursday.

The Board of directors of CIB is expected to convene today to discuss the offer. OTMT will announce any developments on that matter once concluded.

OTMT is a holding company that has investments in companies with operations mainly in Egypt, North Korea, Lebanon, Pakistan and other North African and Middle-Eastern countries. The activities of OTMT are mainly divided into its GSM, Media and Technology, and Cable businesses, having recently expanded its lines of operations into the new fields of Energy, Transport & Logistics, and Telecom infrastructure.

The GSM activities include mobile telecommunications operations in Egypt, North Korea and Lebanon. The Cable business focuses on the management of cable networks. The new field of Energy includes its operations in the power projects in Egypt.