CIB's Board approves due diligence on CI Capital

RNS Number : 4071J

Commercial Intnl Bank (Egypt) SAE

17 December 2015

 

Cairo - December 17^th, 2015 - CIB would like to announce that its Board of Directors has concluded its meeting today to discuss the non-binding offer it has received from Orascom Telecom Media and Technology Holding (OTMT) to acquire 100% of CI Capital Holding ("CI Capital"), CIB's wholly-owned investment banking arm.

CIB's Board and CI Capital's Management have approved to move forward with the discussions on the potential acquisition of CI Capital, where OTMT will be given access to conduct due diligence.

It is noteworthy  to mention that CIB's discussions with OTMT are still at a preliminary stage, and consummation of this transaction will be subject to, among other matters, the outcome of the negotiations between parties of the potential transaction terms and conditions, in addition to a satisfactory due diligence process and customary approvals.

CIB will inform the market of any new material event that results from this process.

END OF RELEASE

 

END

 

 

MSCMMMMZGNZGKZM