Egypt’s largest private sector bank CIB has acquired a 15% stake in El Sewedy Engineering Industries (SEI) through a capital increase, it said in a statement Thursday. SEI will use the money to raise its stake in subsidiaries Arab Distribution & Marketing Corp and El Sewedy Illumination to 68.14% and 66.67% respectively, and “finance future expansion plans in regional and international markets,” the bank said. CIB did not disclose the value of the transaction or specify SEI’s current holdings.

Advisors: Ironwood Investments acted as financial advisor for SEI, while Talaat Law Firm was the company’s legal advisor. Ernst & Young and Intercap Capital were CIB’s financial advisors, while Matouk Bassiouny & Hennawy were counsel.

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