CIB>>News>>The SPA period for CI Capital expires today, with no further extension

The SPA period for CI Capital expires today, with no further extension

9/6/2016 12:00 AM

​​In reference to the Bank’s release dated May 26th, 2016, in which it was disclosed that CIB and Beltone Financial Holding (“Beltone”) have extended the validity of the Share Purchase Agreement (SPA) pertaining to the sale of the Bank’s shares in CI Capital Holding (“CI Capital”) to expire on June 9th, CIB would like to announce that it will not further extend the validity of the SPA which was originally signed on February 28th, 2016 and will refund the down payment to Beltone. The deferral of completion is driven by the prolonged period for Orascom Telecom and Media Technology (“OTMT”) to obtain the “no objection” certificate from the Egyptian Financial Supervisory Authority (“EFSA”).