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CIB sells 74.7% of CI Capital's shares worth EGP 710m - Daily News Egypt

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CIB sells 74.7% of CI Capital’s shares worth EGP 710m

CI Capital plans to increase its capital and offer the company on the stock market in Q4


The Egyptian Exchange announced on Sunday the sale of 74.75% of CI Capital Holding’s shares, affiliated to the Commercial International Bank (CIB), at EGP 710.158m.

The EGX announced that 17 businesspeople have purchased 65% of CI Capital, in addition to another share sold to a group of executive directors of CI Capital.

CI Capital Holding will offer a comprehensive expansion plan of the company to its new shareholders on 9 April, as the company aims to increase its paid-in capital during the coming period to finance its expansions.

Mahmoud Attallah, CEO of CI Capital Holding, said that the company will hold its general assembly on 9 April, where they will form a new board of directors of the company and announce the new expansion plan.

He told Daily News Egypt that CI Capital prepares for new acquisitions and deals in the coming period, in the framework of the company’s local and regional expansions plan.

Attallah revealed that CI Capital will offer its shares on the stock market within this year, as well as increase its capital to finance expansion plans and enter new markets.

The CIB has said in a statement a few weeks ago that a number of Egyptian and Arab investors who submitted a request to purchase a governing share of CI Capital Holding in December have received the No Objection Certificate from the Egyptian Financial Supervisory Authority (EFSA), based on the total value of the company of EGP 950m.

Topics: CI Capital CIB

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https://dailynewsegypt.com/2017/03/20/619248/
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