CIB>>News>>CIB extends the SPA period for CI Capital deal

CIB extends the SPA period for CI Capital deal

12/5/2016 12:00 AM

​​In reference to the Bank’s release dated April 28th, 2016 which included disclosing that CIB and Beltone Financial Holding (“Beltone”) have extended the validity of the signed SPA pertaining to the sale of the Bank’s shares in CI Capital Holding (“CI Capital”) to expire on May 12th, CIB would like to announce that it has received a letter yesterday, May 11th 2016, from Beltone Financial Holding (“Beltone”) indicating that it is in the final phase of obtaining necessary regulatory approvals. Moreover, Beltone requested to extend the validity of the SPA period and undertook paying EGP 50 million as down payment to prove its seriousness in executing the acquisition deal.

The aforementioned has been presented to CIB’s Board of Directors which convened today, and decided to extend the SPA validity for 15 days commencing from today, May 12th, 2016 to expire on May 26th, 2016.

CIB would like to reiterate that CI Capital is and will be performing its business as usual during this period in order to maintain its leading position within the market.

The Bank will inform the market with any material event resulting from said acquisition