CIB signs SPA with OTMT's subsidiary regarding CI

RNS Number : 3859Q

Commercial Intnl Bank (Egypt) SAE

28 February 2016

 

RELEASE

Cairo - February 28^th, 2016 - Following CIB's release dated February 14^th 2016, and Orascom Telecom and Media Technology ("OTMT") Holding nomination to Beltone Financial Holding ("Beltone") - OTMT's subsidiary - to act as the purchasing entity in the sale of 100% of CI Capital Holding ("CI Capital"), CIB would like to announce that it has reached a final agreement on the terms and conditions related to the sale transaction with OTMT and its subsidiary Beltone Financial.

CIB and  Beltone Financial have signed a Share Purchase Agreement (SPA) today, and will move forward to complete said transaction, with the aim of finalizing it before the end of the first quarter of 2016, after obtaining all necessary approvals.

CIB will inform the market with any material event resulting from the process.

END OF RELEASE

 

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