Cairo - December 17th, 2015 - CIB would like to announce that its Board of Directors has concluded its meeting today to discuss the non-binding offer it has received from Orascom Telecom Media and Technology Holding (OTMT) to acquire 100% of CI Capital Holding ("CI Capital"), CIB's wholly-owned investment banking arm.
CIB's Board and CI Capital's Management have approved to move forward with the discussions on the potential acquisition of CI Capital, where OTMT will be given access to conduct due diligence.
It is noteworthy to mention that CIB's discussions with OTMT are still at a preliminary stage, and consummation of this transaction will be subject to, among other matters, the outcome of the negotiations between parties of the potential transaction terms and conditions, in addition to a satisfactory due diligence process and customary approvals.
CIB will inform the market of any new material event that results from this process.
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