Al Arafa Denies Halting Talks With CIB, To Finalize Concrete Deal Soon

Al Arafa for Investment and Consultancies (AIVC.CA) denied halting talks with the Commercial International Bank – Egypt (CIB) (COMI.CA) on acquiring 38% of its unit Concrete Ready-Made company.

In a release sent to the Egyptian Exchange (EGX), Al Arafa noted that the company is currently finalizing the talks with the CIB adding that it would disclose the final details of the acquisition deal very soon.

Al Arafa for Investment and Consultancies SAE is an Egypt-based holding company engaged in Financial and Management Consulting, and Investment Activities. The Company is organized into three business segment: the Retail Segment is primarily a retailer and wholesaler of men’s formal and smart casual wear through the BMB Group in the UK, Querini in Europe and Concrete and Euromed in Egypt; the Apparel & Tailoring Segment manufacturers men’s formal wear for leading brands, and the Textiles segment, which is dedicated to garment making, with two companies, namely Whitehead Spinning and Goldentex, which produce the yarn and fabric used in the manufacturing process. The Company operates through managing and administrating its subsidiaries and affiliated companies.