Cairo - Mubasher: The Commercial International Bank – Egypt (CIB) has carried out a deal to sell a 9.99% stake in CI Capital for a total value of EGP 101.42 million, 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% in the company.
The deputy chairman and group CEO, Mahmoud Attalla revealed in May that negotiations are being held for selling a 3.7% stake, while it is keeping another 10% 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% in 2017.
In March, the Commercial International Bank – Egypt (CIB) announced selling 74.75% of its stake in its subsidiary CI Capital Holding for EGP 710.158 million.
