CIB sells 71.94% of CI Capital on Thursday
CIB has inked sale and purchase agreements with a group of non-related Egyptian and Gulf investors for 71.94% of CI Capital in transactions worth a combined EGP 683.4 mn. That values the investment bank at EGP 950 mn, CIB said in a statement on Thursday. The transactions bring CI Capital one step closer to an IPO, the statement suggested, noting that CIB will retain a minority stake “and will continue to provide … support to the company during the foreseeable future.” The transactions are subject to regulatory approval.
The buyers? CIB isn’t saying, but Al Borsa is citing sources close to the transaction as saying more than 10 investors bought into CIB, including: Arafa Group’s Alaa Arafa, construction magnate Mahmoud El Gammal, Tiba Group’s Saddiq Afifi, former Zamalek football club chairman Mamdouh Abbas, five unnamed stakeholders in Zahran Group, Compass Capital’s Shamel Aboulfadl and Ayman Mamdouh Abbas, and Alameda Healthcare’s Fahad Khater. We’re not putting stock in Al Borsa’s ownership figures, as they don’t agree with the list we’ve independently assembled, but the names generally do.