COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E. Further to the release dated February 4th, CIB would like to announce that although today it has received a non-binding offer - from Al Ahly Capital Holding to acquire 100% of CI Capital Holding (CI Capital) in the range of EGP one billion, along with a signed Non- Disclosure Agreement, however, the said offer does not conform with previously communicated timelines.
Accordingly, the management has clarified to Al Ahly Capital holding the necessity of abiding by the stipulated timelines given the nature and stage of such transactions. As such CIB continues to urge the interested parties to present an amended offer that conforms with all terms and conditions.
CIB will inform the market of any material event that results from this process.
CIB - Commercial International Bank (Egypt) SAE issued this content on 08 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 08 February 2016 14:33:57 UTC
Original Document: http://www.cibeg.com/English/News/Pages/Updates-on-CI-Capital-Clarification-regarding-what-was-announced-in-the-media.aspx
