Commercial International Bank- Egypt (CIB) (COMI.CA) announced on Sunday the completion of the due diligence on the acquisition of a 38% stake in Al Arafa for Investment and Consultancies(AIVC.CA)’s Concrete Ready-Made Company.

Mohamed Talaat, Investor Relations Manager of Al Arafa, said the acquisition deal is likely to be finalized and to come into effect before the end of the current year. 

Talaat noted that the two parties are currently finalizing the tie-up procedures adding that the total shares of Concrete is valued at around EGP 400 million.

Furthermore, Talaat mentioned that Al Arafa is contributing to provide the necessary liquidity for Concrete so as to support the latter’s expansion plans in the GCC as well as EU markets such as Italy.