CIB, Commercial International Bank, acquired a 15% stake in El Sewedy Engineering Industries (SEI), through an initial deal to increase SEI’s capital with the aim of using it to finance the company’s future expansions in local and regional markets.
SEI aims to increase its stakes in the raise its stake in subsidiaries Arab Distribution & Marketing Corp and El Sewedy Illumination to 68.14% and 66.67% respectively.
“This deal is one of the most important and most prominent successful and distinguished deals held by the Direct Investment Group at CIB within the framework of its important role to enhance the bank’s role in serving various sectors and companies, as well as choosing the best appropriate opportunities to enhance investments and CIB assets,” Ashraf Shash, Head of Direct Investment at the CIB, said.
Also read: Banque du Caire acquired a 10% stake in Western Union’s IBAG
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