{"id":649610,"date":"2017-03-05T04:31:12","date_gmt":"2017-03-05T04:31:12","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/05\/efsa-greenlights-ci-capital-sale\/"},"modified":"2017-03-05T04:31:12","modified_gmt":"2017-03-05T04:31:12","slug":"efsa-greenlights-ci-capital-sale","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/05\/efsa-greenlights-ci-capital-sale\/","title":{"rendered":"EFSA greenlights CI Capital sale"},"content":{"rendered":"

<\/a> The Egyptian Financial Supervisory Authority (EFSA) has given the green light to the sale of CI Capital<\/strong> to a consortium of investors, according to a disclosure from CIB<\/a>. CIB says EFSA said it had no objection to a number of investors with whom the bank had inked sale and purchase agreements (SPAs) in December<\/a>. CIB says it is currently reviewing the non-objection and studying the final agreement structure. The SPAs were signed with a group of non-related Egyptian and Gulf investors for an aggregate 71.94% of CI Capital in transactions worth a combined EGP 683.4 mn that valued the investment bank at EGP 950 mn. At the time, the investor consortium was said to include:<\/strong> Arafa Group\u2019s Alaa Arafa, construction magnate Mahmoud El Gammal, Tiba Group\u2019s Saddiq Afifi, former Zamalek football club chairman Mamdouh Abbas, five unnamed stakeholders in Zahran Group, Compass Capital\u2019s Shamel Aboulfadl and Ayman Mamdouh Abbas, and Alameda Healthcare\u2019s Fahad Khater.<\/p>\n

On <\/strong>Thursday<\/strong><\/a>, we reported that Saddiq Afifi and Mamdouh Abbas backed out of the agreement<\/strong>. Ayman Mamdouh Abbas followed the news by suggesting<\/a> that the individuals making up the investor consortium would look into revising each of their proposed stakes to account for those who withdrew, but EFSA Chairman Sherif Samy threw cold water on that suggestion by saying that<\/a> any investor looking to increase their stake to more than 5% would require obtaining a non-objection from EFSA first. A source tells Al Borsa the transaction could be completed this month.<\/p>\n

A source close to the transaction credits Investment and International Cooperation Minister Sahar Nasr <\/strong>for moving the transaction along toward close. \u201cShe\u2019s being very hands on \u2014 a nearly year-old transaction is closing because she is making the clearing of hurdles a priority,\u201d the source said.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Egyptian Financial Supervisory Authority (EFSA) has given the green light to the sale of CI Capital to a consortium of investors, according to a disclosure from CIB. CIB says EFSA said it had no objection to a number of investors with whom the bank had inked sale and purchase agreements (SPAs) in December. CIB […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-649610","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"5bd2bc7b-974b-45a5-a44b-f698dfc5ce2d","order":"0","is_powered_by":true,"section_story_id":"4bdc181e-f20a-4032-90d0-e2ad85e8ccc0","story_type":"1","photo_url":"","photo_position":"above","related_issue":[649601],"teaser":"","voice_url":""},"yoast_head":"\nEFSA greenlights CI Capital sale - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2017\/03\/05\/efsa-greenlights-ci-capital-sale\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EFSA greenlights CI Capital sale\" \/>\n<meta property=\"og:description\" content=\"The Egyptian Financial Supervisory Authority (EFSA) has given the green light to the sale of CI Capital to a consortium of investors, according to a disclosure from CIB. 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The Egyptian Financial Supervisory Authority (EFSA) should finish going over the details of CIB\u2019s sale of 70-80% of its investment banking arm CI Capital \u201csoon,\u201d sources close to the matter tell Al Borsa, which puts the total transaction value at c. EGP 950 mn.\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":650301,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/21\/cib-completes-sale-of-74-75-of-ci-capital-el-monayer-says-stamp-duty-to-be-levied-on-mas\/","url_meta":{"origin":649610,"position":1},"title":"CIB completes sale of 74.75% of CI Capital, El Monayer says stamp duty to be levied on M&As","author":"enterpriseam admin","date":"21 March 2017","format":false,"excerpt":"CI Capital is off CIB\u2019s books: CIB announced it has executed the transfer of 74.75% of subsidiary CI Capital\u2019s shares to a consortium of investors and to CI Capital\u2019s management successfully for EGP 710.16 mn, according to a regulatory filing. The transaction gave CI Capital a valuation of EGP 950\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":600457,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/30\/alaa-arafa-sells-his-stake-in-ci-capital\/","url_meta":{"origin":649610,"position":2},"title":"Alaa Arafa sells his stake in CI Capital","author":"enterpriseam admin","date":"30 January 2019","format":false,"excerpt":"M&A WATCH- Alaa Arafa exits CI Capital: Businessman and Arafa Holding boss Alaa Arafa sold his last shares in investment bank CI Capital on Monday, CI Capital said in a regulatory filing (pdf). Arafa held a 1.88% stake before the last sale. 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The consortium also includes Jefferies International Limited\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":649937,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/13\/ayman-mamdouh-abbas-to-increase-stake-in-bid-for-ci-capital-to-4-5\/","url_meta":{"origin":649610,"position":4},"title":"Ayman Mamdouh Abbas to increase stake in bid for CI Capital to 4.5%","author":"enterpriseam admin","date":"13 March 2017","format":false,"excerpt":"M&A WATCH- Ayman Mamdouh Abbas is planning on increasing the stake of CI Capital he is proposing to buy to 4.5% from 2%, according to Al Mal. A consortium of investors had offered to buy 71.94% of CI Capital in December and EFSA greenlight some of the investors\u2019 bids. Two\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":647140,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/03\/ci-capitals-new-post-sale-board-of-directors-to-convene-on-11-may\/","url_meta":{"origin":649610,"position":5},"title":"CI Capital\u2019s new post-sale board of directors to convene on 11 May","author":"enterpriseam admin","date":"3 May 2017","format":false,"excerpt":"CI Capital\u2019s new board of directors will meet on Thursday, 11 May for the first time since CIB sold a majority stake to a consortium of investors, Deputy Chairman and CEO Mahmoud Attallah told Youm7. 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