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Thursday, 16 March 2017

60-65% of CI Capital to be sold, final investor lineup announced

When all is said and done, CIB will sell 60-65% of CI Capital for total consideration of EGP 570 mn, unnamed sources close to the transaction tell Al Borsa. Arafa Group’s Alaa Arafa and Ismail El Turk, the Saudi owner of Habitat Furniture, will reportedly hold the largest stakes of any member of the acquiring consortium, the sources say, without clarifying exact figures. Tiba Group’s Saddiq Afifi, who said he was looking to acquire a 10% stake in the investment bank after previously announcing he was backing out of the transaction, is reportedly only getting his hands on 5%. Former Zamalek football club chairman Mamdouh Abbas and Compass Capital’s Shamel Aboulfadl remain out of the consortium of buyers. The transaction — which the Egyptian Financial Supervisory Authority gave the greenlight to earlier this month — is expected to be completed in around two weeks’ time.

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