{"id":650301,"date":"2017-03-21T03:59:30","date_gmt":"2017-03-21T03:59:30","guid":{"rendered":"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\/"},"modified":"2017-03-21T03:59:30","modified_gmt":"2017-03-21T03:59:30","slug":"cib-completes-sale-of-74-75-of-ci-capital-el-monayer-says-stamp-duty-to-be-levied-on-mas","status":"publish","type":"post","link":"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\/","title":{"rendered":"CIB completes sale of 74.75% of CI Capital, El Monayer says stamp duty to be levied on M&#038;As"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>CI Capital is off CIB\u2019s books:<\/strong> 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 <a href=\"http:\/\/www.egx.com.eg\/downloads\/News\/%D8%A8%D9%8A%D8%A7%D9%86%20%D8%A8%D8%AE%D8%B5%D9%88%D8%B5%20%D8%B4%D8%B1%D9%83%D8%A9%20%D8%B3%D9%89%20%D8%A7%D9%89%20%D9%83%D8%A7%D8%A8%D8%AA%D8%A7%D9%84.pdf\">regulatory filing<\/a>. The transaction gave CI Capital a valuation of EGP 950 mn and CIB retains a 25.24% stake \u201cfor the time being.\u201d Total shares sold exceeded the 60-65% about which the market was speculating <a href=\"https:\/\/enterprise.press\/stories\/2017\/03\/16\/60-65-of-ci-capital-to-be-sold-final-investor-lineup-announced\/\">last week<\/a>. CI Capital\u2019s management team bought a 9.75% stake of CI Capital and the investment consortium bought 65%.<\/p>\n<p><strong>Of the investors, Arafa Group\u2019s Alaa Arafa, Habitat Furniture owner Ismail El Turk, and <\/strong><strong>construction magnate Mahmoud El Gammal took the largest stakes of the transaction with just shy of 9.9% each<\/strong>. They are followed by Fahad Khater, who bought 7.6%; Yasser El Adawy, with 6.2%; and Infinity Capital Investment, which took in 5.9% of the shares. Other members of the consortium include Seddik Afifi, members of Zahran family, Compass Capital, and Ayman Mamdouh Abbas. <a href=\"http:\/\/www.almalnews.com\/Pages\/StoryDetails.aspx?ID=326922\">Al Mal<\/a> says Mamdouh Abbas intends on buying a 1.5% stake in CI Capital soon.<\/p>\n<p>CI Capital Deputy Chairman and CEO <strong>Mahmoud Attallah said a new board of directors for <\/strong><strong>the investment bank will be appointed within two weeks<\/strong> as a general assembly is called. He added that the general assembly will also decide on what to do with the remaining shares, but <strong>market sources said they expect CIB to eventually offer its remaining shares on the stock exchange<\/strong>, according to <a href=\"http:\/\/www.reuters.com\/article\/com-intl-bk-divestiture-idUSL3N1GX3A5\">Reuters<\/a>. <a href=\"http:\/\/www.alborsanews.com\/2017\/03\/20\/997058\">Al Borsa<\/a> says the general assembly meeting has been set for 9 April, quoting Attallah, who reportedly <a href=\"http:\/\/www.alborsanews.com\/2017\/03\/20\/997033\">also said<\/a>CIB \u201cwill not sell more than 2% of its remaining stake\u201d in the investment bank. <strong>The transaction will not be subject to the 0.125% stamp duty<\/strong> that is now in cabinet\u2019s pipeline.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 mn and CIB retains a [&hellip;]<\/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-650301","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"322ffdbd-3304-4a7b-aa43-bbc95691871c","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[650296],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>CIB completes sale of 74.75% of CI Capital, El Monayer says stamp duty to be levied on M&amp;As - 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\/21\/cib-completes-sale-of-74-75-of-ci-capital-el-monayer-says-stamp-duty-to-be-levied-on-mas\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CIB completes sale of 74.75% of CI Capital, El Monayer says stamp duty to be levied on M&amp;As\" \/>\n<meta property=\"og:description\" content=\"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 mn and CIB retains a [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"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\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2017-03-21T03:59:30+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"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\/#article\",\"isPartOf\":{\"@id\":\"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\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"CIB completes sale of 74.75% of CI Capital, El Monayer says stamp duty to be levied on M&#038;As\",\"datePublished\":\"2017-03-21T03:59:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"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\/\"},\"wordCount\":309,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"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\":\"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\/\",\"name\":\"CIB completes sale of 74.75% of CI Capital, El Monayer says stamp duty to be levied on M&As - 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The consortium also includes Jefferies International Limited\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":650301,"position":1},"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. Arafa Group boss Alaa Arafa, real estate developer Mahmoud El Gammal, businessman Ayman Mamdouh Abbas,\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":647579,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/15\/cib-agrees-to-sell-13-7-stake-in-ci-capital\/","url_meta":{"origin":650301,"position":2},"title":"CIB agrees to sell 13.7% stake in CI Capital","author":"enterpriseam admin","date":"15 May 2017","format":false,"excerpt":"CIB has agreed to sell a 13.7% stake in CI Capital, CI Capital CEO Mahmoud Attalla said yesterday, according to Reuters. Attalla said agreements were reached to sell 10% to one local investor and 3.7% to another, without naming either of the buyers. 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Arafa initially bought a 9.9% stake from CIB\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":650103,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/16\/60-65-of-ci-capital-to-be-sold-final-investor-lineup-announced\/","url_meta":{"origin":650301,"position":4},"title":"60-65% of CI Capital to be sold, final investor lineup announced","author":"enterpriseam admin","date":"16 March 2017","format":false,"excerpt":"When all is said and done, CIB will sell 60-65% of CI Capital for total consideration of EGP 570 mn, unnamed sources close to the transaction tell Al Borsa. 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