Egypt’s CIB sells 10% stake in CI Capital for 101 mln pounds

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The Commercial International Bank – Egypt (CIB) has carried out a deal to sell a 9.99 percent stake in CI Capital for a total value 101.42 million Egyptian pounds, after obtaining the approval of the market authorities.

The bank said in a statement to the Egyptian Exchange (EGX) on Wednesday that it will maintain a minority stake of 13.46 percent in the company.

The deputy chairman and group CEO, Mahmoud Attalla revealed in May that negotiations are being held for selling a 3.7 percent stake, while it is keeping another ten percent stake.

He also revealed that part of the CI Capital’s shares will be listed on the Egyptian Exchange (EGX) to raise its capital in the first quarter of 2018.

The company also plans to increase its assets under management (AUM) portfolio by 25 percent in 2017.

In March, the Commercial International Bank – Egypt (CIB) announced selling 74.75 percent of its stake in its subsidiary CI Capital Holding for 710.158 million pounds.