CICH SPA expires today, with no further extension

RNS Number : 7642A

Commercial Intnl Bank (Egypt) SAE

09 June 2016

 

RELEASE

Cairo - June 9^th, 2016 - In reference to the Bank's release dated May 26^th, 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 9^th, CIB would like to announce that it will not further extend the validity of the SPA which was originally signed on February 28^th, 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").

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