SAIB Applies Managerial Changes, And Wrote-off 1.4% Of Its Stock

Société Arabe Internationale de Banque’s board elected Mohamed Naguib Ibrahim as chairman and managing Director, and appointing Hassan Abdel Meguid as deputy chairman and managing director and Mohamed Ibrahim Abdel Gawad as board member, in the Board ordinary general assembly yesterday.

Société Arabe Internationale de Banque said it will purchase the shares of the aggrieved by the write-off who did not attend the extraordinary general assembly. Noteworthy that the total shares represented in the meeting were 59158460 shares (=98.6%).

It is also slated purchasing 841540 shares which is 1.4% of the total 60 million shares issued by the Bank. The purchasing deal will be carries out in accordance with the conditions stated in the Bank’s letter and also the HC Securities & Investments Co.’s letter which includes the following:

1) The offered purchasing price: EGP 12.51 based on the fair value set by the independent financial consultant certified by the Authority.

2) Period for receiving orders: beginning on Thursday 1-3-2012 and ending on Monday 12-3-2012.

3) Purchasing deal will be executed one day after the offering end on Tuesday 13-3-2012.

4) Buyer broker: HC Securities & Investments Co.

Regarding SAIB’s results, the Bank posted a 24.7% retreat in 2011, as it registered EGP 125.1 million by the end of 2011, compared with EGP 166.3 million by the end of 2010.